Market Outlook 23rd December

As we were sure that Nifty should bounce back from this level and must find support in this zone.

Exactly the same happened yesterday and we saw Nifty to claw back to 50 DMA which is now placed at 4987.

Market yesterday opened with some gains and managed to trade in positive zone for the whole day.

Intraday charts showed that Nifty kept itself within a tight zone of 4990-4970.

Those 20 points did not allow many players to trade in Nifty.

As long as Nifty trade close above 4987 we are a bit safe regarding further downfall.

But yesterday's rise may also be termed as dead cat's bounce and may be all due to short covering.

Not in extreme case Nifty should fall below 4937 level in order to retain bullish trend.

Otherwise we will see more lower levels in coming days.

Nifty Levels for Today
TREND DECIDING LEVEL (Pivot Point)
4979

Support
4958 - 4937 - 4908

Resistance
5000 - 5014 - 5036

Buy 3iInfotech SL 83 T 105.