Market Outlook 17th December

Today we have a mixed session across Asia and we may have a flat opening.

Yesterday was a very volatile session where Nifty rose from the low of the day 5004 and hit high of 5072 finally closing at 5042 up just 9 points.

If we look at various parameters we can judge that market has found support at lower levels but it is not willing to move up so easily in the coming days.

Nifty Future closed near the day's resistance level.

Next resistance for Nifty exists at 5072 which is previous day high as well where we can see some selling pressure again.

Beyond this Nifty may find some more resistance near 5091 level.

At lower levels Nifty have good support at 5005 and 4986 levels.

Any closing below 4986 level is bad for intermediate term and we may see much lower levels from there onwards.

For any closing below 4986 Nifty may drift to 4896 level as well.

Nifty Levels for Today
TREND DECIDING LEVEL (Pivot Point)
5038

Support
5005 - 4984 - 4964

Resistance
5072 - 5091 - 5107

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