Nifty Levels - 22 Dec 2008

Nifty again performed as the the way it was mentioned in friday's post. Nifty today was again in some profit booking spree with Reliance and ICICI bank acting as draggers. Nifty Spot levels for today were:

Open 3077.25
High 3110.45
Low 3027.80
Last 3039.30

As mentioned in last post Nifty took support around 3030 levels and closed near it. This signals a kind of weakness in Nifty with immediate resistances R1, R2 at 3090 & 3135 levels. On downside Nifty has supports S1, S2 at 2995 and 2960 levels. However short term immediate support is at 2920 levels which is a major weekly support for NIFTY.

While writing the post DOW has recovered 35 points and now trading up 6 points. there is no major news coming from domestic and global fronts too. So as of now Nifty is expected to behave in range from 2920 to 3130 for short term. Breaking either side will decide future course of action.