Nifty level for November 3, 2011

Nifty did not open at around 5205 today, however within seconds it touched the level and bounced back. Nifty opened at around 5221 which was equal to 100 DMA.

- Nifty has touched 100 DMA and uses the same as strong support
- 5280 and 5305 is strong resistance to cross for any upmove
- Nifty may open flat with positive bias
- US Market closed with more than 1.5% in average
- Nifty may open above 5270

Nifty target for November 3, 2011

5185 > 5205 > 5230 > 5240 > 5265 > 5280 > 5305 > 5325 > 5360 > 5380