The chart above shows the path where nifty was to head through the speed lines. the R2 which was at 3250 could not be crossed , R3 is at app. 3700 .Onthe way down it breached 3085-2860 and halted at 2780 zone to close higher due to short covering.kindly note from the chart that BOLLINGER BANDS have turned and are flat as of now , meaning that any deeper falls below 2780, will get good support beyond 2631 area at 2536 and 2424 zone.Right now we have filled 2 gaps of the 4 which were created in this rise up from 27/10/08 till 12/11/08.Any breach of the 2 levels of bollinger will rocket us to old lows and lower in the the zone of 2000-2100 area. Please take your direction/positional/ trading call for the next 4-5 trading daysas you feel fit .....cheers.
PS: I received mails/offline messages for posting my views for a week or so ahead, hope this helps..
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