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Daily Nifty Spot Analysis

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.

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