Nifty update for 29-12-2009

Tomorrow if Nifty opens 5185 and stay above 5185 then possible target will be 5217 and then 5240. There could be a pull back from 5217 but it has to stay above 5190 to keep its strength. If it comes and stay below 5190 then Nifty could be range bound between 5160 to 5190.

At the lower side, if Nifty opens below 5170 and stay below 5170 then possible target will be 5140 . There could be some recovery at 5140 but if it stay below below 5150 there could be some selling pressure may lead the Nifty to 5100.