In our last blog on 23/09/08 we had mentioned that "Close Below 4159 Full contol of Bears" and on that day Nifty closed at 4126.90.
Though there was some upswing on the very next day, Bulls were not in a position to withstand the Bears Attack.
As per Todays trading, it is clear that Bears are strong towards their target. Since Nifty has managed to close above 3981, Bulls can recover for next Resistance levels 4045, 4100 & 4159. This will be only a short term recovery but not Bullish trend.
Our market is waiting for the final decision of American Government for
1) $700 billion bailout for thier financial companies,
2) Signing of Indo-US nuke deal.
Both may be confirmed before Monday Market opening. If the news turns to be in favour of Bulls, it doesn't mean that Bulls can rule the market. Only if the market continue to move in full swing till 4250 and close above that level, Bull Trend is confirmed.
Though Bulls has to struggle hard to confirm their trend, It is so easy for bears to reverse the upmove at any of the above mentioned resistance points.
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