The Indian stock market benchmark index Nifty lost 1.1% and closed below the important 6200 level due to weak economic data and sustained selling pressure from foreign institutional investors. Technical indicators show the index has broken below an uptrend line of support at 6200 and entered into oversold territory. Support levels are seen in the 6150-6120 range while 6140 is a key level as it represents a 61.8% retracement level. Traders are advised to watch the 6140 level and trade accordingly, with 6180 now acting as near-term resistance.

1. NIFTY DAILY OUTLOOK
16th December 2013
Daily Nifty Levels
Pivot: 6180
R1: 6180
S1: 6150
R2: 6210
S2: 6120
R3: 6230
S3: 6090
MARKET SUMMARY:
The Indian equity benchmark index nifty continues its losing streak for fourth consecutive day as weak
IIP data and accelerated CPI data pain out. The day was started gap down due to weak data and
weakness continued for the entire day on the back of selling by FII after a long time where nifty
surrenders important level of 6200 and closed below it which dampened the trader’s sentiment; at the
nifty closed at 6168 mark with cut of 1.1%.
CHART FORMATION:
 Nifty witnessed breakdown of upsloping trendline support of 6200 mark and closed below this.
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2. NIFTY DAILY OUTLOOK
16th December 2013
 Nifty has immediate support in 6150-6120 zone.
 On weekly chart nifty witnessed bearish engulfing candlestick formation from upsloping trendline
resistance.
 61.8% retracement from low of 5972 to high of 6415 is placed at 6140 mark.
 20-day EMA is placed at 6200 mark while 50-day SMA is placed at 6140 mark.
TECHNICAL INDICATORS:
 Momentum indicator RSI is negatively poised while stochastic has entered into oversold territory.
 CCI has slipped to -100 mark while MACD also witnessed negative crossover.
STRATEGY FOR TRADERS:
Nifty is in short term downtrend where if it slips below 6140 mark then weakness is likely to get
extended; while if 6140 mark is hold then a pull back is expected; hence traders are advised to keep eye
on 6140 mark and trade accordingly; 6180 will be immediate intraday resistance.
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3. NIFTY DAILY OUTLOOK
16th December 2013
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