As like Last week, the US Fiscal cliff fear is still looming. Deadline is On Monday, Dec 31st.
Meanwhile, market likely to focus on India’s current account data for July-Sept due on Monday also
with any hike in petrol prices by the government to reduce the mounting subsidy burden of oil marketing companies.
Meanwhile, PMEAC Mr. Rangrajan again said that the reversal of monetary policy stand by
the RBI will come only when inflation shows definite signs of decline.
Nifty spot has been trading within a range of 5965-5823
for almost 15-18 sessions Which has formed descending
triangle pattern. This pattern has bullish implication
so most likely breakout may be on the upside.
Strong Support at 21 EMA at 5850-5830.
Hurdle at 5918-5930.
Crossover above 5930 with vol expect 5942-5962.
Three Consecutive Closing above 5965 may take up to 6022-6030.