It has been a clear three day reversal pattern after testing the 20 DMA and the strong resistance level of 4450.
It was a very clear down trend almost the whole of yesterday and having broken strong support levels, this reversal is quite significant.
It has the potential to move on to test the 50 DMA which is currently at 4080 and on extrapolation comes to around 4120 in another two days, which happens to be another key support level for NIFTY.
4347 has been established as the current strong resistance level and in any case this market should not cross that level for it to reach the target of 4120.
Resistance levels : 4331, 4347, 4382
Support levels : 4251, 4222, 4197, 4156
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