Mid-Session Outlook(09-12-2010)

Although global sentiment is little positive but mood depressed in indian markets due to scams. Nifty got intraday support at 5877 and traded up to 5910 as well as showed higher bottom also. AS sentiment dampened therefore fresh selling required today to break 5877 and little up move possibility can not be ruled out Until Nifty does not sustain above 6045 till then any decisive up move will not be considered. Thin volumes lacklustre market today and next trend signal will be drawn from the break out of today first 2 hours range(5877-5915). Upward break out will set up move up to 5945 and below 5877 will mean continuation of that down move which started after breaking down of 4 days narrow range moves.