Market Out Look 30-3-2009

Market at overBought Zone
On weak global cues, our market too will open in the red with a down side gap of 30-40 points in nifty.
Nifty to face tough resistance at 3190 level, if closes above these levels and hold for next two treading sessions, then the next target for nifty will be 3450-3525 level in the coming days.
However market being in over bought zone can face resistance at 3160 levels and if nifty trades below 2960 levels then can come to 2500 levels in the next few trading sessions.
Traders need to be cautious at higher levels.
Technically for the day nifty can take support at 3060/3020/2960 levels and resistance at 3140/3160/3190 levels.