Though NIFTY is making lower high and lower low each day for the last four session, the fact remains that it almost closed at the same levels for the past three days. There has been lot of expectation on a correction overdue but NIFTY has certainly not broken and closed below the key levels of 3334 and 3256 yet. More than that, NIFTY is showing strength to bounce back every time it is pulled down.
The scenario is such that the late entrant intra-day bulls are not given profit opportunities, but bears are escaping the next day if they are shrewd enough to cover when NIFTY makes a new low. This is bringing in a sentiment that market is going to fall more than recover and the correction overdue also seems to be a good fit for this story.
But the undercurrent is still very much bullish. There is a strong potential to move past 3500 levels very much before this expiry.
Today's session would be able to decide further course of action to a great extent. If at all bears manage to bring down NIFTY to 3256 levels and further, then pessimism would set in and can pull NIFTY to levels of 3150 in the short term.
On the other hand, if bulls manage to break the high of 3415, then there might emerge strong buying and will push NIFTY to further highs and currently I favour the bull story.
Resistance levels: 3395, 3415, 3440
Support levels : 3324, 3304, 3256
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