As indicated in my yesterdays update, nifty has moved below the support line at 2950( the slopint line in yesterdays update) went up to 2920 and there after started a spectacular recovery and to make a high 3072 and close at 3060. Nifty has yesterday forme a bearish engulfing pattern and today formed a completely reverse pattern of bullish engulfing pattern giving an indication that the market is just at cross roads and it is yet undecided. As nifty did not go below the 2900 level and has closed above psychological 3000 twice in three days is giving an indication that bulls are still in control of the market atleast for the time being. One important point to be noted is that the nifty now faces a tremendous resistance at 3100 and 3161. So these levels have to be borken successfully if broken then we have all possible chances of seeing 3500 for nifty in the comming month. If not broken then we might be seeing 2500 levels. But currently 2900 appears to be very good support levels. So if one wishes to go short he has to wait for nifty to break 2900 levels then only short the market. So the uptrend which has started at 2650 levels still appears to be intact.