Market outlook for 20/12/07

Market is not showing any direction and nifty is trapped between 5670-5840 for almost a week now.At every top level, selling is seen and yesterday nifty also broke 5700 and made a low of 5677, but recovered fast to close at 5750.Today, 5770 will be resisitance and above that might try for 5840-5860 resistance and if doesn't cross will face selling again.If nifty doesn't even cross 5770, then chances of breaking 5700 today is very high.Traders are also seems to be in a a hurry to take out money at every high ahead of big holiday's..Today, if nifty breaks 5700, watch out for 5665 support and if breaks that also might take it straight to 5630.

Stock watch for the day:

Nahar Industries: Buy this stock with stop loss 144 for target 152 and if crosses 154, it might even zoom to 160