After a very strong March series expiry and another day after the expiry in which hopes were built in that 3000 levels of NIFTY will be held strong, yesterday saw a major dent in the sentiment. The three day pattern as it is, denotes an extremely bearish move, but my take would be it may not be as bad as perceived (because of yesterday's fall). Support exists at 2950, 2885 and 2856 should act as a very strong short term suport. On the other hand 3003 is now established as a resistance level followed by 3031 and 3056. Shorts may be accumulated at higher levels, as NIFTY has to see some more retracement if at all it has to resume its upward journey. Being the financial year end, neutral view is maintained for today also, as it will be too early to confirm this is really bearish and also it is dangerous to go long when the rally has been overextended. It is better to stay in the sidelines. Chart courtesy: nseindia.com
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