Weekly Market Outlook 21st December

(Important support and resistance levels are at the bottom of report)
Last week market was very volatile and fell continuously on daily basis.

Finally Sensex closed down 400 points and Nifty closed down 126 points from previous week close.

Nifty closed down breaching many important support levels and is closed near intermediate support level.

Level of 5000 was an important support level both psychological as well as technical.

Breach of this level has opened up gates for more lower levels.

Until Nifty found support in the present range soon we are sure to see lower levels in coming days.

Next very important support for Nifty on weekly closing basis is at 4910 and Nifty must not fall below this level in order to retain uptrend otherwise we will see more weakness in coming days.

Another important support is near 4960 level and Nifty may also bounce back from here owing to its being in oversold zone.

If Nifty is to resume uptrend then it must rise above 5010 mark and must not close below it.

Otherwise market will either be in the grip of bears or would behave range-bound.

Important levels (On Weekly Closing Basis)

Pivot Point
5010

Support
4985 - 4960 - 4910

Resistance
5040 - 5070 - 5110