The 3000 level in nifty is still preserved. Yesterday in line with our expectation nifty opened with a gap up. Though the intraday trend was very choppy nifty stayed within the mentioned support and resistance levels. On the higher side nifty went closed to our resistance level of 3258 and made the day’s high at 3238 from where it fell very sharply.
The US market closed with a very positive note after the Federal Reserve chairman’s support for further aid to support the economy. Asian markets also opened and trading with a positive bias. Nifty is expected to open positive. One more gap up opening for today is definitely there in the cards.
As indicated in the last notes the nifty daily chart has entered into the oversold region and also the weekly chart is in deep oversold region, possibility of a strong pull back is bright. For today on the lower side nifty may find support near 3042 or 2961 levels. Similarly on the upper side resistance exists near 3221, 3276 or 3319levels.
Happy Trading !
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