As it was expected and Nifty behaved exactly in line of our expectations. Trend will be down for November 2, 2011. and again one can expect a gap down opening consecutively second day.
- Major support exits at 100 DMA which is 5221
- Expected Gap down opening will definitely breach 100 DMA so consider the same as resistance in any possible up-move
- Earlier major resistance 5169 will act as support this time
- I believe American market will close minimum 2% down on average
- Expect Nifty to open at around 5205 which is down 1% of current nifty level
- My levels 5221 > 5205 > 5196 > 5285 > 5169 > 5150 > 5140
I do not see a down move of more than 120 for November 2, 2011