Angel Broking: Nifty 3124 trend deciding level

According to Angel Broking, after a sharp rise on Wednesday, in the last two trading session the markets have witnessed sideways trend. Nifty has failed to sustain at 3200 level and fresh selling pressure was clearly visible.

However at lower level Nifty has witnessed good support at 3100. As long as Nifty is trading above the 3100 level, the short-term trend will remain bullish.

On the upside 3201-3208 is appearing as a stiff resistance in the extreme short-term.

Today the trend deciding level for the day is 3124. If Nifty fails to sustain above this crucial level, one may witness a fall upto 3086 and expect good buying interest. Trading below 3086 may lead to fall upto 3045 and may halt the overall uptrend.

On the upside, if Nifty sustains above 3124, then one may witness a rally upto 3163 and expect some selling pressure. If the resistance level of 3163 is surpassed, one can expect further rise upto 3204 or higher.