Market came under selling pressure yesterday and look as if the most awaited correction is on the card. Nifty was unable to hold the 200 DMA.
On global cues our market is expected to open higher and should hold above the 3450 levels to sustain the current rally.
Selling is expected in the second session of trading.
Watch out for the 3300-3251 levels as a strong support, If nifty closes above 3450 levels for two conservative session then it can test 3580 and 3800 levels which is likely to happen before the of election results are declared .
A close below 3300 can pull down nifty to 3180 levels.
Technically nifty to take support at 3350/3300/3251 and resistance at 3390/3420/3500 for the day.
BSE, NSE Stock Ticker, India
Thursday, April 16, 2009
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