Nifty Levels - 16 Dec 2008

After continuous efforts of two days Nifty Levels was able to cross Hurdle of 3030. Tomorrow is an important FOMC MEET which is supposed to decide about Fed's future rate decision. FED interest rate is on 1% so another cut will actually bring it near to nothing i.e, ZERO. So even at this levels anything done by FED is important for sentiments of world economies rather than technicals.

For Nifty Upside seems to fizzle around 3150-3300 levels. A good upmove above this channel will help BULLS much sentimentally . Any downside below 2860 levels will boost BEARS morals & then they will try with their full strength for testing October lows of 2200. But if Bulls are able to save 2930 then may be they can see some more greener pastures in NIFTY.