Pre-Open Market Outlook(24-12-2010)

Long term and short term trends are up. Intermediate term trend is side ways for the last 24 sessions within 5690-6069. Nifty is trading near the top of range for the last 3 days within 5958-6024. Crossing of 6024 will mean begining of fresh rally towards all time high after completion of intermediate term correction and drifting below 5958 will mean continuation of 24 sessions range bound corrective markets.

1- 24 Sessions EOD Chart:-

Last 3 sessions range bound market(5958-6024) break out will decide next big moves of Indian markets and only intraday charts formations of last 3 days will decide side of market.

2- 3 Days Intraday Chart:-

As per my view last 3 sessions intraday charts are suggesting selling formations and breaking down expected to test following fibonacci retracement levels:-

23.6%- 5979
27.0%- 5966
38.2%- 5924
50.0%- 5880
61.8%- 5834
70.7%- 5801
76.4%- 5779
88.6%- 5733

Opening will depend on Global cues but finally begining of down move expected to test above mentioned levels.