Nifty Today - 08-10-08 (update)

Can anyone judge the market movement as we did? This is what we had mentioned during sun-outage yesterday.

'Nifty is now at 3360.20

Once market reopens expect recovery at 3328 or 3304 which are the major support points at this levels. If this happens then the market will be rangebound between 3328-3544.'

We are attaching the intraday chart of nifty, where you can see the two black straight lines at 3328 and 3544. As per analysis market was range bound between these points after sun-outage. Market took support at 3329 (difference of one point) and recovered to high of 3535 (shortage of nine points).

Market closed at 3513 which shows there will be some bullish movement in near short term. If markets open gap up and sustain above 3573 in the day, expect some surprise rally in subsequent trading days.

Bears Trap at 3484 for tomorrows trade.