31, May
Nifty 3214.90
If Nifty manages to stay above 3140 region, and if it moves towards 3250 region sharply, then a move above 3250 region would confirm a rally towards 3350-3400 region initially. For the level 3140 to be broken in the downside, Nifty should go below 3140 level immediately in the morning itself. For Nifty to move above 3250, it should move above this region before afternoon, since upmove should be faster than the downmove to show strength.
If the region 3140 is violated in the downside, Nifty would move towards 3000-3050 region sharply. If the level 3000 is held, Nifty could bounce back, and higher targets are valid. If the level 3000 is not held, we could see further downside.
It Seems Nifty has bottomed out and has turned bullish. Initially, it could move towards 3500 level. After a short term correction of 300 points from that level, Nifty could move above 3500 level and it has possibility of testing 3800 in coming weeks. The view would get negated if Nifty moves below 3000 level.
