NIFTY updates for Nov 04, 2008

Yesterday whole day market faced resistance for upmove at the said levels. Now more or less all the upside targets mentioned are achieved yesterday. Look at the graph on how market played as per the lines drawn. I have no views now. Next trade will be on confirmation on direction. However, I think we might have some more small upmove from here on for maybe 50-75 points and then go back below 3000 again. This is only a possibility, we should wait for confirmation to trade now. For now stay out and enjoy while market consolidates and shows some direction.