Weekly Outlook Indian Stock Market (4 Dec - 8 Jan)

Weekly Technical’s
High: 5221.25
Low: 5160.10
Close: 5201.05
Weekly Change: +22.65
Weekly Pivot: 5194

Nifty witnessed a spectacular rally and succeeded in creating a new high of 5221 on last date of the year 2009. Nifty witnessed around 23 points rally for the week. A new series and a new timing of 9 AM starts from 4th Jan.

• Weekly channel support comes at 5050-5060.
• Supply keeps coming at & above 5180.

Overbought Hourly charts may put pressure on the Overbought daily especially after a 5-wave completion. Correction will continue till 5225 is taken out decisively. Trading below 5DMA @ 5175 can drag the index down to complete the correction.
The weekly pivot (5194) and the daily Pivot (5202) have come quite close to the highs of this upmove suggesting loss of momentum. "5180" will be a decisive Level.

List of Large Cap Stock which can give you good return in the year 2010

1. Axis Bank
2. Union Bank of India
3. Tata Steel
4. Bharti Airtel
5. IDBI Bank

Thanks and Regards

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