It looks like the strong fight has started between bulls and bears and most of the time it ends up as the late entrant bulls are being attacked and killed by the hiding bears.
The view from here is that bears may gain control for a day or two till the levels of 3334 and 3256 is reached and after that we can see bulls taking control again for this expiry. A retest of 3500 and above is also not ruled out once NIFTY reaches the above levels.
The reasoning is simple. NIFTY has been struggling to convincingly close above 200 DMA after it did the first time and bears seems to take control at EOD and when bears take further control and push NIFTY down to 3256 levels, the view would certainly change to bearish and suddenly we might see pessimism setting in and that is where I expect another rally to take place atleast till 3500 levels before this expiry.
Only on a convincing break of 3140 will bears be able to take further control and I dont expect that to happen in near future, atleast it will not happen for this expiry.
The resistance level to watchout for the day are 3419, 3467 and more important are the support levels at 3334 and 3256.
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Happy Trading
www.tripleint.com
Happy Trading
www.tripleint.com
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