Wednesday, November 26, 2008

S&P CNX Nifty - Interesting level

S&P CNX Nifty 2752.25 +98.25(3.7%)

S&P CNX Nifty broke an important resistance level 2708 which was Mondays (24th Nov 2008) close. Tomorrow’s close would be critical to assessing the next course of the market. If S&P CNX Nifty closes above 2799 decisively, then it could signal a fresh uptrend for the next few days. I don’t expect this to happen and upside looks limited as 3100 has emerged as a strong resistance level. Global indicators as of now are not supportive for the markets to break the critical resistance levels.Nifty would confirm the downtrend once it breaks 2524. Let’s wait and watch!

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