MURUGAVEL

NIFTY - Once again marching towards 4850-4800.

March 29, 2008 Opinion still valid. Once again I repeat, 4850-4800 is the crucial level for short term trend.

NIFTY - Last week Nifty unable to hold above the pullback support level of 4800-4850. so now it become the resistance for the next round fall. ie. 4100-4050.

NIFTY , Broken the immediate resistance of 4850-4800 . Now this level will become the support for this pullback. It may go upto 5100. If Close above 5100 for two days in a row. then maximum topout is 5500-5600 . This is pullback rally ONLY.

NIFTY , now the in-between third leg in the downtrend is going on... with a upper resistance of 4800-4850 and marching towards 4100-4050. (No change in VISION OR MISSION opinion dated 27 JAN. 2008) (Last week, Market once again confirming a major downtrend. Major trends often have a way of running further and longer than most people can imagine.)

As for as Nifty is concerned, no change in the earlier opinion. Worst is yet to come.