Market Outlook 17th Feb 2010

As we mentioned that Nifty is following one day rise one day fall movement, it was clearly depicted in yesterday's trade.
After opening with minor gains Nifty wnet on to touch low of 4791 but then in last 1 hour of trade became heavily bullish.

Nifty ended 54 points up and closed above important resistance level of 4849.

After breaching our mentioned level of 4822 Nifty touched a high of 4878.

Now today if Nifty crosses 4894 then it may tocuh next Fibonacci retracement level of 4909.

Any closing above this level may push Nifty upwards to 4968 level.

Although market is facing many negative news and is heavily dependent on global markets.

So keep an eye on global front as well as local news flow.

Important levels for Nifty and BankNifty

Nifty Pivot 4856

Support 4822-4799-4777

Resistance 4877-4889-4909

BankNifty Pivot 8452

Support 8393-8365-8302

Resistance 8485-8531-8572