Nifty Levels - 23 Dec 2008

Today Nifty moved along with all its Asian and global partners in crime. Yesterday night DOW was showing signs of weakness and it ended down some 1%. In morning all the Asian indices were trading 2% to 3% down. So at end of day Nifty also followed same global trend and ended red around 2.5%.

Today's Nifty spot data are as:


Open 3039.25
High 3040.00
Low 2957.05
Last 2968.65

As mentioned yesterday Nifty took support around 2960 levels. You can see from last so many posts Nifty is respecting the levels mentioned on the blog. Although Nifty took support at 2957 & closed at 2968, but i can still say Nifty is not showing any major trend. It will be nice to see that on future downside how does Nifty behaves at 2920 tomorrow.

For markets to show a major trend its important to come out of trading range of 2920 to 3130 either side. Till then Nifty will be moving in this close range. I still think that recent upmove has fizzled out and this was again one of those dead cat bounces of market. Nifty can again do retest of immediate bottom formed at 2250 levels.

For intraday traders Nifty has supports s1 and s2 lying at 2930 and 2880 levels. For upside Nifty will face resistance at r1 and r2 at 2990 and 3030 levels. But the most important level to watch tomorrow is of 2920. Any close below this level will hurt Bull sentiments and boost Bears moral.