Nifty Update for December 8 - Inder Bhatia

The Indian market opened on a positive note but was not able to sustain at a higher level, due to strong resistances near 2834; thus the rally fizzled out and the Nifty closed in the red zone.

Hourly: The Nifty has not able to cross 2830 levels and is hovering in range of 2570-2830 levels. For the coming session, if the Nifty crosses 2768 it could test the 2820 zone. Crossing above 2835 it could cross the 2945 zone. On the lower side 2660 would act as a support zone.

Daily: Last week the Nifty fell by 1.48 percent and remained in a narrow range. For the last 3 weeks the Nifty is simply trading in a range of 2500-2834 zone.

On the daily chart the Nifty has closed above the bullish symmetrical triangle, however one should go long only above 2834. On the other hand one should short below 2500 levels.

For the coming session, if Nifty trades above 2778 it will test 2830, and crossing above 2840 it would gain toward 2968-3050. On the lower side, closing below 2669 Nifty could test 2570-2500.

Weekly: Nifty above 2834 could see a good upmove but breaking below 2504 could make the Nifty move further to lower side.

HOT STOCK: BUY LICHSGFIN above 226; TGT 240>255 Stoploss 217.

HOT STOCK: SELL HPCL 223 TGT 216>212 Stoploss 230.