Nifty Outlook 06 Jan 2012

NIFTY DAILY CHART

The Nifty ended flat at 4,749.95. Intraday, it tested a high of 4,779.80. However, it failed to sustain at higher levels as investors booked profits in index heavyweights Reliance industries. On daily charts, it ended in a doji candlestick formation, suggesting market is indecisive regarding its trend. During the next trading session, if the Nifty trades above the high of a doji, it may extend the pullback rally up to 4,840 and 4,850 levels. On the other side, if it fails to hold above 4,725, it may test 4,685 and 4,662 levels.