NIFTY OUTLOOK 10 JAN 2012

NIFTY DAILY CHART

NIFTY WEEKLY CHART

The Nifty ended flat at 4,742.80, as investors turned cautious ahead of third quarter earnings. On daily charts, the index ended in a small body candlestick formation with lower shadow, suggesting support at lower levels. Daily RSI is hovering just below the 50 mark. Any sustainable move above 4,810 would extend the pullback up to 4,880 and 4,920 levels. On the downside, the bullish gap area formed on 3rd Jan. (4,646 to4, 675) would remain as immediate support area.