Angel Broking: 3100 key support level for Nifty

Angel Broking, in its technical analysis, states that after a sharp rise on Wednesday, yesterday Nifty took a pause. As long as Nifty is trading above the 3100 level, the short trend will remain bullish.

On the upside 3201-3208 is appearing as a stiff resistance in the extreme short-term. Once cleared this sensitive area, Nifty may continue its upward march upto 3250-3300 in the next few trading sessions.

For Friday, the trend deciding level is 3175. Sustained trading above this will lead to a rally up to 3203, where expect some profit booking.

If Nifty surpassed this resistance level then expect a further rise upto 3235-3250.

On the bearish note, if Nifty fails to trade above 3175 it can test the support of 3143-3115 where good buying support is expected.