SHORT COVERING RALLY

Nifty took support in 2800 zone and bounced quite hard which was then followed by short covering rally. Bulls will like to protect this area whereas profit taking will be seen around 3050 level. For Tuesday(30th Dec,08), the pivot is NF 2900 with resistance at NF 2973-3010-3035 and support at NF 2863- 2854 from where short covering started.

DOWN TREND

Nifty breaking supports and now the next support lies in range 2835-2750 . As long as nifty holds these level Bulls will still have some hope. For today, the pivot is NF 2900 with support at NF 2835-2803 and resistance at NF 2932.