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Nifty Outlook for 03-11-2011

Daily Outlook
We were watching 5219 as trend decider level for the day. Yesterday, Nifty opened with downside gap but rebounded at day’s at 5300 thereafter by holding 5200 mark. At the end, Nifty managed to close near previous day’s close at 5258 level with 0.5 points minor gain.

On daily chart, Nifty has formed Bullish “Counter Attack” pattern with higher upper tail. This indicates that a line has been drawn in the “sand” on the current trend and the opposing forces are determined to change that trend. In such kind of scenario, the psychological level of 5200 will become important levels to watch. In case, If Nifty succeeds to hold and sustain above 5200 level then we will see continuation in the pullback rally in Nifty i.e. above 5300 will lead 5370 and 5420 levels. On the other hand, If Nifty fails to hold and remain below 5200 then we will see continuation in downward correction around 5100 to 5100 levels in coming session.
The trend decider level for the day is 5200 levels. A sustainable move above this level will lead pullback in Nifty. However, failure to sustain above this level will further damage (possible correction in between 5020-5100 levels) in Nifty.
Support :- 1) 5200 2) 5160 3) 5120
Resistance :- 1) 5280 2) 5310 3) 5340

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