As per our expectation yesterday nifty made a strong bounce back on the back drop of strong Asia markets. The due for technical bounce back was expected and been mentioned in our earlier posts repeatedly. Yesterday nifty opened with a strong gap up of about 100 points. During the day on its upward travel it tested and broke our mentioned first two resistance levels. Our third resistance level resisted nifty’s further up movement strongly and nifty made the day’s high near the mentioned resistance level of 3505 by a very few points.
Yesterday in US market there was celebrations and the market rejoiced by the Bush’s announcement of expanded bank bailout details. US market indices are up of about 11-12% which is the highest one day move in last 76 years. Asian markets also opened and trading strongly. As Japan market could not participate in yesterday’s rally as it was closed yesterday, today it opened very strongly and trading at almost 13% up.
Following global market celebration and rejoicing nifty is expected to open strongly with a gap up today also. On the upper side nifty may find resistance near 3548, 3606 or 3667 levels. Similarly on the lower side support exists near 3394 or 3298 levels. The weekly support exists at 3046.
Happy Trading !
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