Analysis of
S&P CNX NIFTY
as of 11/3/2008

S&P CNX NIFTY closed up 158.250 at 3,043.850.  Volume was 49% above average (neutral) and Bollinger Bands were 84% wider than normal.

Technical Outlook

Support < Support < [[Crucial]] > Resist > Resist
2,820.4502 < 2,932.1506 < [[ 2,997.1003 ]] > 3,108.8008 >  3,173.7505

	Close is Inside the Alligator which means that the market is near to being balanced and the price might move in either direction.
	The momentum is up.
	The upward momentum is accelerating.
	This is a place to be alert for placing a long position but make sure that there is a valid Buy Signal on the price charts.

Bharat Mudgal’s Comments:

The NIFTY is slowly heading towards the first resistance of 3180. Be careful near this level with your long position. After this, the resistance exists at 3415 which is a very strong resistance. On the downside, support exists 2909 > 2720 > 2660.

On stock-specific view, GLOBAL TELE-SYS (195) has gained upward momentum with a buy signal on a mid-term basis. The stock has potential to move up210 > 215 in the mid term. Support is at 180. StopLoss should be 160.