Intraday market outlook for 22December

On 22 December, Nifty fut have support at 4930 level, if this level is breached we will see markets sliding down to the levels of 4902-4872-4845. Closing below the levels of 4900, will create panic selling in markets. However if markets are able to sustain above 4930 level, we can expect a bounceback in markets in intraday. On higher side Nifty fut have resistance at 4996 level, if this level is crossed and sustained then we can expect some upside till the levels of 5025-5048 levels. We were continuously saying since last few days that below 5044 level bears will be active again, and now the result is in front of you all....Nifty was unable to close above 5044 level lst week and today it made low 4937. Hope all of you must be safe, and must be sitting with good gains.
We recommend all traders to keep watch on 4930 level on lower side, as if bulls will try hard to make markets hold this level. So, shorting at lower levels is not suggested for intraday. However if markets sustain and close below the levels of 4902, then a panic selling can come in markets which can show much lower levels till 4845-4770. Contrary to this if nifty fut is able to hold above 4900 levels on closing basis, then once again bulls will try their luck and will try to take charge over bears in coming days. So all traders must stay cautious and must not leverage positions without proper knowledge of market drections.

Nifty Levels

• Resistance - 4996-5025-5048-5090
• Support - 4930-4902-4872-4845

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Intraday Calls

• Deccan chronicle abv 155 tgt-158-160.3-164
• Consolidated Construction abv 459 tgt-470-487-510+
• Reliance abv 1018 tgt-1029-1038-1050+
• Castrol abv 560 tgt-565-571-580
• Also watch Jindal Photo, MRF, Mangalam Drugs, HEG Ltd.

For all trades,keep trailing your stoploss once the stock is above the buying price. Dont take delivery of any intraday call. Avoid spike buying.

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