Equity Market Pundit

Hello People

As I had posted earlier in my blog the level of 3881 could act as a resitance for the nifty to move forward. Today nifty made a high of 3883 ( just two points above the target specified, in second attempt to cross the resistance level ) and pulled down, until it found the support at 3851.00 levels.

From here we could see may a down side which could take it down to almost to the levels of 3819-3804 on the nifty. This could be a pretty good correction to move forward. If this happens and nifty toches these points and starts moving up we could see a upside ( A strong bullishness ) to take the nifty up to 3909 or at to the most of 3950 which as I have said earlier will be a strong resistance. to cross for the nifty.

But if tommorow we see a pull back rally and nifty starts moving up ( which is pretty unlikely) , for then the intermediate resistance could be 3884 and then 3905.

I would still suggest people to be vary cautious ( who are for the shrt term ) on the levels of ( 3940-3950 )