1. NIFTY DAILY OUTLOOK
13th December 2013
Daily Nifty Levels
Pivot: 6250
R1: 6250
S1: 6200
R2: 6275
S2: 6155
R3: 6300
S3: 6120
MARKET SUMMARY:
Indian equity benchmark index nifty slipped below 6250 mark as profit booking is continue on Dalal
street after a stellar run. The day was started on pessimistic note due to weak global cues and market
remained continue under pressure as the selling pressure persists in heavy weights; the nifty made a
low at 6230 mark and at the end closed at 6237 mark with cut of 1.35%
CHART FORMATION:
Nifty has immediate support at down sloping trendline placed at 6200 mark.
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2. NIFTY DAILY OUTLOOK
13th December 2013
Nifty has resistance at upsloping trendline placed at 6420 mark.
On weekly chart nifty is forming a bigger bullish inverse head and shoulder formation.
Nifty formed a red opening marubozu candlestick formation on daily chart.
20-day EMA is placed at 6200 mark while 50-day SMA is placed at 6130 mark.
TECHNICAL INDICATORS:
Momentum indicator RSI witnessed negative crossover but holding 50 mark while stochastic is
heading southwards.
CCI has slipped to 0 mark while MACD is still positively poised.
STRATEGY FOR TRADERS:
Nifty is likely to open with gap down where if it surrenders 6200 mark then which is short term bearish
signal; traders are advised to watch out 6200 level; if nifty manages to trade above 6200 mark then a
long position can be taken with strict stop loss at 6170 while traders can go with sell on rise near 6250
mark.
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3. NIFTY DAILY OUTLOOK
13th December 2013
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