Market Outlook 24th December

Yesterday was one of the most unexpected market we ever saw in recent past.

Just in matter of 1 day Nifty breached all resistance levels and regained all lost ground.

Last Monday Nifty closed at 5111 and it jumped to close at 5156 in today's trade.

Today all Asian markets are trading up and our market may continue the gains of Wednesday and may inch up higher.

If we consider Nifty's fall from the high of 5191 to the low of 4937 made on last Friday, then it was a total loss of 254 points.

Fibonacci's retracement level of 25% is at 5000 and 38.2% is at 5034.

Both the levels were easily crossed in yesterday's trade and next retracement of 61.8% is at 5094 which was also crossed in yesterday's trade.

This was for the first time that all retracements levels were so easily in a single trading session.

Well now market is at a crucial juncture and we are close to Nifty's 52-weeks high and from here on we may see new high of Nifty.

We may also see some good profit now due to sudden profit in just a single session and extended weekend.

Now market will open on Tuesday and most people would like to take profit out of the market, so some profit booking is possible.

Next hurdle for Nifty is placed at 5204 level and any closing above this level is a good omen for Nifty.

Nifty Levels for Today
TREND DECIDING LEVEL (Pivot Point)
5104

Support
5125 - 5096 - 5072

Resistance
5172 - 5192 - 5204

Buy SAIL SL 225 T 260.
Buy NTPC SL 218 T 255.