Since April 2001, Nifty was at its highest level on 8th January 2008 and on last trading day it closed at 3211, market is running at a discount of around 50%. In recent few days the Nifty has gained around 8% (from 30th Mar'09 to 2nd Apr'09 i.e. just 4 trading days).
The current closing of Nifty is at 3211 (after showing a smart gain of 4.92% in single trading day), Nifty is coming back to the level of 21st Oct'08 when it closed at 3234. On 21st Oct'08 also the market jumped around 4% in single day but after that it slipped to 2524 (i.e. around 22% down)-here we are talking on closing figures only to have the analysis realistic.
Currently we are seeing strong global clues - US market is performing quite better, Europe is also performing and so the Asia... But still sentiments are down, for Indian market surely Global clues are giving supports, analysts are predicting market to touch 3800 & so but consumer's sentiments are still down, year ending results are due which might take market a bit up or down.
I believe market will not go much up from this level, hardly it will touch 3300 and then profit booking could take market down to re-test lows again. At this point I guess market has major resistance at 3290 and support at 2970.
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