We had told Nifty will breakout of channel in intraday chart. Nifty went up more than we expected. Let us now see the Daily charts and see where Nifty is heading. We can see that from past 2 months Nifty has been in a channel. As of now we can expect to see some channel resistance of 3150-3180. The result season will dictate whether Nifty will breakout from this channel. If breakout happens then Nifty - BELIEVE IT OR NOT- can see 3500-3700 levels!!! That will be an impressive rally in a bear market. But as of now 3150-3200 is VERY IMPORTANT channel resistance.
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