Equity Market Pundit

Hi All

If you refer to the last blog the resistance anad support ( 3898 and 3868 respectively ) as stated for the day stands tall . Nifty touched the high of 3900.15 and started falling ( pretty near to the target ..right) Then it found support for the day at 3864.55 ( that's close too) But the million dollar question is what would you expect to happen tommorow....

Well if I am right nifty has started following a new channel..now and the upward movement could be restricted for the time being ( which I feel is good for long term). So what for the day traders..Ofcourse the stock specific action and the Banks are going to have a very happy christmas..what say..

So for tomorow I would say a bit of downside is still remaning on the downside we do have a very good support at the 3856-3860 levels. and should see a bounce back if it touches or comes near it..If the heavy correction continues for a day or two we would see a low of 3808-05. But strictly not below it at this point of time

While we may move sideways ( as nifty normally does ) the upside could be halted at the previously stated and proved resistance of 3880-83. In an Bulish tone the market may still find it very difficult to cross 3905.

It will we very important for the scrip to pass the levels of 3880-83.