On 01-10-08, we had mentioned that
"If Nifty sustains to close above 3965 (which is yesterdays Resistance), bulls have thier turn to move up. If Nifty managed to close above 4002 (which is next resistance), bulls gain full control to move upto 4159 nonstop rally."
But on that day Nifty closed at 3950. First Failure of Bulls attempt.
On 03-10-08, we mentioned that
"Considering todays movement, market is rangebound between 3883 - 3921. If nifty can cross 3921 it may face resistance at 3935 and above that see up move of 30 pts.
In the downside cross below 3883 expect support at 3850."
Though Nifty tried to take support exactly at 3850, it failed to sustain it and closed at 3818. Second failure of Bulls attempt.
Just go through the other line we mentioned on 01-10-08 "No need to worry about bears until some bad news make market to close below 3850."
As the close was below 3850, Bears started showing their power today by drowning Nifty nearly 140 points (3.5%). To know where they are going to take the market, let us watch today's market.
Todays Support. S1: 3657, S2: 3617.
If both the support is breached, then 'expect panic selling and new lows till XXXX in coming trading days'. ( as mentioned on 29-09-08)
Monday, October 6
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