Market Outlook 18th December

Today all Asian markets are trading weak and so we can have a weak opening.

Yesterday we see some short covering at lower levels and Nifty bounced to days high approximately 60 points higher from day's low.

Nifty is very close to its important support levels and is now turning a bit oversold.

We can have some trading bounce-back from here.

But in case of breach of important 5000 level by Nifty may invoke some more profit booking and lower levels may be seen.

In any case Nifty must not fall below 4969.

It is very important support for Nifty.

Any closing below this level may give a lot of power to bears and they may push Nifty to 4900 level as well.

So far we advise traders to stay invested and wait for higher levels.

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

Support
5008 - 4988 - 4969

Resistance
5068 - 5089 - 5106