BULLISH PATTERN

Nifty has made a bullish pattern with target of NS 3110 as long as we hold above NS 2960. However, break of NS 2900 will nullify this pattern. We are very close to resistance of NS 3045 which is also 50 EMA with support at 2920 (20 EMA). For 31st Dec (wednesday), nifty future bullish over 2957 with target of 3017-3047 and support at 2927.

SHORT COVERING RALLY

Nifty took support in 2800 zone and bounced quite hard which was then followed by short covering rally. Bulls will like to protect this area whereas profit taking will be seen around 3050 level. For Tuesday(30th Dec,08), the pivot is NF 2900 with resistance at NF 2973-3010-3035 and support at NF 2863- 2854 from where short covering started.

DOWN TREND

Nifty breaking supports and now the next support lies in range 2835-2750 . As long as nifty holds these level Bulls will still have some hope. For today, the pivot is NF 2900 with support at NF 2835-2803 and resistance at NF 2932.

MERRY CHRISTMAS!!

Nifty settled on a weak note breaking and closing below NS 2922. Bias has turned negative and any upmove would be just pull backs till NS closes above 3056 .For today, the pivot is NF 2952 with resistance at 2972-86 and support at NF 2923-2906. Expect range bound trading today.

SETTLEMENT DAY

Volatility is expected due to expiry day. Nifty broke the channel support of NS2992 and closed below it; however taking next crucial support at 2957 from where a trading bounce can occur. Psychologically speaking, for the first time there had been two days of negative closing since 2nd Dec. For today, the bears will be in control below NF 3015 or NS 2992 with support at NF 2953-2944. Break and close below NS 2936 will clearly turn the trend negative. Bulls will return if NS trades above 3025.

LOOSING STEAM

Nifty unable to cross resistance of NS 3148 since last two days. Selling seen at higher levels. Today's pivot point is NF 3061 with resistance at NF 3090 . Trendline support as well as channel support is around NS 2990. Also watch NS 2922 in coming days.

UPWARD CHANNEL

Nifty continues to move in a upward channel towards rsistance of NS 3148. Friday saw some profit taking in last fifteen minutes of trade. Today's resistance is NF 3105-3127 and support at NF 3060-3038. Weakness below NS 3025 for 2974

SURPRISE RALLY

After showing a reversal a day before, market surprised everybody by overcoming all resistances , forcing short covering and closing at the top of day . Trend last few days had one been one day up and one day down with higher lows and higher tops. Looking at the figures of yesterday, neither FII's nor DII's were buyers , then who is buying ...... Today looks like a rest day with resistance at NF 3120 - 3165 and pivot as NF 3033-3011. Bullishness over NF 3120 and Bearish break out below 2988. Daily charts are going into overbought zone.

U TURN

Gap up opening immediately invited selling closing the market much below the open. Clearly a trend reversal day. Nifty closed at strong support from where some bounce can come. Short term indicators have turned negative. Today's resistance is NF 2994 with support at NF 2904 -2876-2856. Avoid buying today.

OVERCOMING RESISTANCE..

Nifty did face resistance at NS 3021 but overcame in late afternoon trade with strong momentum and closed beautifully over it. As long as market stays over NS 3021 , it will be bullish with bearish breakout below 2953. For today, gap up opening expected with resistance at NF 3106-3131. Watch NS 3148 as strong resistance. Strongly bullish over NF 3077 with support at NF 3027- 2985. Market going into overbought state and expect profit booking by late afternoon or tomorrow.

AVOID LONG EXPOSURE

We are near strong resistance of NS 3021 . Profit booking at higher levels after Gap up indicated nervousness of traders. Today's pivot is NF 2982 with support at NF 2912-2887-2856. Market may show bullishness over NF 2963 and will clearly will be bearish below NF 2943. Watch level NS 2820 in coming days.

STRONG RALLY..

Nifty held onto strong support of Ns 2820 and rallied from there with all round buying specially index heavy weights . Uptrend continues with resistance at NF 2998 - 3027 - 3078. Market strong as well as it trades over Nf 2960 with support at 2887.

LOOSING MOMENTUM

Market on trot for last five days is exhausted. Profit taking seen at higher levels and buying at lower levels. Trading range set up yesterday was NS 2934-2861 . With negative global cues , profit taking is likely by nervous traders.
Today's level : Bullish over NF 2916 for NF 2945-2954
Bearish below NF 2902 for NF 2872-2832
Breakout Levels : Bearish break out below NS 2820
Bullish break out over NS 2963

CONSOLIDATION AHEAD...

Market has significantly retested its lows and is moving in a upward triangular pattern. However, profit taking can come around NF 2972-3012 with support at 2904-2871. The upward rally is possible only above NF 2832.

RETEST OF BOTTOM..

Market in the process of creating bottom is trying to retest its lows. With U.S. market ending deep in red and Asian too following the same, gap down is expected in Nifty. Levels for today is NF 2729- 2632-2582. Watch NS 2524 in coming days which should be protected in close. I'll be travelling out and will be able to update after 10th Dec.

BAILOUT RALLY..

Citigroup bailout package leads into spectacular rally at DOW. Believe it on technicals or astrology , but as the charts have turned positive, we are in for a GAP UP today with target of NF 2832 and 2909 later. Outlook for today will be bullish as long as we trade over 2747-2777. Pivot is 2698 with support at 2656. Stoploss for all longs is NF 2652.

SHOWING STRENGTH

Inspite of overnight sell off of DOW, we opened with strong buying early morning on Friday. I feel that low has been tested successfully with a bounce back to NF 2754-2832-2909 in coming days. Today's strength pivot is 2652 and 2672 with resistance at 2757-2810. Support at 2629-2592. Stoploss for all longs is NF 2540. The charts have turned mildly positive wheras the Asian markets are trading flat to negative, it could be a day of consolidation as long as we trade over NF 2652.

DOW BREAKS ITS LOW

With DOW breaking its low, sentiment is bound to turn negative globally. Will we break 27oct low , is a question with bias remaining negative for today. Resistance for today is NF 2572 and support at NF 2475-2425-2376. Any upmove will be over NF 2540.

CRUCIAL LEVEL BROKEN

All upmoves fizzle into Bear rally. With NS 2631 broken and also U.S. and Asian market being negative, expect GAP DOWN with support around NF 2524 - 2474 and resistance at NF 2579 and 2611. The selling bias can continue till tommorrow afternoon.

WEAKNESS CONTINUES..

Nifty forming lower tops and lower bottoms is moving in a downward channel. Watch NS 2631 which is technically a important support level. Pivot for the day is NF 2707 with resistance at 2756 and Support at NF 2652 and 2620. Strength will be seen only over NF 2822.

MINI BATTLE GROUND

It was a volatile, choppy day leading to formation of triangluar pattern with range NF 2867-2778. For today, trading range to be watched is NF 2855 and 2765 with 2838 as pivot. Nifty is showing weakness with lower highs and lower bottoms.

G-20 SUMMIT EVENT..

Market did respect Nf 2862 support and traded above it till afternoon but could not sustain above NF 2778 and broke late afternoon to close below the first support. Overall signals are a bit mixed as market is trying to test its lows. Outlook today seems to be flat to mildly positive as Bears will like to cover shorts before G-20 Summit. Pivot for today is NF 2872 with target NF 2908- 2963 and 2998 will act as strength test. Support remains in the zone NS 2788-2631.

WEAK HANDS GETTING OUT..

One day UP and next day DOWN, market is throwing the undisciplined Bulls as well as Bear on either side...... Yesterday, break and close below NS 3030 led to further selloff. Weakness will continue till it trades below 3030. Best strategy right now should be Day Trading till a trend is developed. For today, strength will be seen only above NF 2978-2998 for target of NF 3028-3058. Support at NF 2862. Break Of NF 2854 will find support at NF 2778-2631 range which should provide life support for Bulls.

IS IT CONSOLIDATION OR DISTRIBUTION ??

Volumes missing on UP DAY is the point of worry for Bulls. Range remains 3240-2860 with 5DMA & 20DMA converging at NS 3030 will provide the fighting point for Bulls & Bears . For Today, the pivot is NF 3120 with resistance at NF 3210 and support at NF 3072-3030. DOW and Asia being negative will have impact on our market.

HOLDING SUPPORT..

Market held on to its first support of NF 2869 for two days and has bounced from there. Range now is 2860- 3250. Breakout on either side, should give a move of 200 points. I expect the market to trade in this range for the week. Now,one can keep a trailing stop loss starting NF 2950 for longs for target 3025-3065-3094-3135. Bullishness can continue till tommorrow but wait for DIPs to go long.

TECHNICAL OVERVIEW

Market doing a YO-YO makes a trader wonder as to where is it going. Posted above is the chart with strong support at NS 2250 which is difficult to break (Green line) and medium term resistance at 3240 (Blue line). It can consolidate here before making a big move. Again for this wave, the Zone 2778-2631 should provide a support.
For today, NF 2921 -2937 is the pivotal range with support at NF 2838-2740. Bullish only over NF 2979.

BULL REVERSAL DAY

Typical Bull reversal, with market opening with huge gap up , immediately followed by Profit taking. Break of NF 3111 led to break of Bull rally ; complete reversal with close below previous day. The hourly charts have turned negative and the trend will continue atleast till tommorrow.
Supports for NF 2869-2745-2621. Resistance for today is NF 2962-2992.

OBAMANIA..

The U.S. pre-election rally is being seen globally to be followed by Victory rally. Catch the Uptrend with target of NF 3213-3263-3296. Uptrend will continue as long as we trade above NF 3111. Very Bullish over NF 3263. Long term support now is at NS 2873-2826.

BIG EVENT AHEAD...

Short covering rally seen at yesterday's closing. Indecision due to U.S. elections may result in profit taking today as well as volatility. For short term gain, one can short with Stop Loss of NF 3076 for target NF 2901-2848 ; pivot being NF 3021. As the short term daily charts have turned positive, i'll just take it as technical retracement of mildly overbought in hourly charts.

BEARS TO GO ON HOLIDAY...

From now on for couple of weeks, all economic events will be turning in favour of Bulls. Possible short term bottom formed ; it may retest the bottom after few days. Upward rally to continue with first target of NF 3072. Short covering will be seen over NF 3105. Pivot for today is NF 2869.

TRIANGULAR PATTERN FORMATION..

Market opened with gap up but continued to trade in a range forming a triangular pattern. Lets see if we can start with a positive note post settlement. Range today is NF 2630 - 2750 with 2692 as pivot. Play the break out on either side with target NF 2510-2487 on downside and 2869-2925 as upper target.

SAMVAT 2065

Happy New Year to all. Muharrat trading for Samvat 2065 closed on a positive note with bulls retaining all the gains. The Upward trend to continue. Today is the settlement day, expect some volatility with positive bias and short covering. Over NF 2678, targets are NF 2795-2869. From now on, Stop loss for all longs is NF 2472.

HAPPY DIWALI!!

" Om Shri Mahalakshymaye Namah". May the eternal Goddess of wealth and prosperity bless everybody. With the grace of Shri Mahalaksmi, nifty should open gap up. Yesterday's, chart pattern suggests a target of NF 2690-2715. Happy Muharat Trading to all....

BLACK FRIDAY

It was a virtual stampede with price erosion , smashing all support levels, reminding us of 21-22nd jan,2008. This had been the worst fall since last 16 yrs as reported by CNBC. I had written on thursday, that this will take three days. Today, is the 3rd day.Also, last Diwali Muharrat Session ended in negative sending a message to all which has ended from Diwali to Diwali.
Hopefully,downside from here is limited with support at NS 2428-2230-2130 though falling market like this has no support. Today's support level is NF 2460-2356 with target of 2649-2758.Close over 2740 is required for any upward momentum upto 2884-2912-3050. HAPPY DIWALI TO ALL..

ZABARDASTI KI ZABARDAST MARKET

FM and SEBI directive to FII's to reverse their position in 'short sell' in next few days resulted in Zabardast Forced rally of 100 points in couple of minutes but could not be sustained to break the morning lows. But, will FM and SEBI be able to stabilize the market... Today's Short Sellers will be tomorrow's compulsive buyers and we will be loosing on them by this stand . Expect downward bias to continue as long as NF is below 2986 with support at NF 2886- 2812 - 2788.
Upward momentum will only be over NF 3038. Watch out for Sensex Support at 9700-9600 (Gap Area) . Next support level NS 2740 and Sensex 9099.

GIANT PRE DIWALI SALE..

Last nine months had been of DISBELIEF , RECOGNITION , PAIN and now ACCEPTANCE of Bear Market . This last stage , when there are no Buyers, is the terminal stage which should take three trading days . Market expected to Gap Down with Intraday support around NF 2918-2864 and yesterday's low of NF 3046 acting as resistance. Final support for this wave hopefully should be NS 2740 .

SENSEX BELOW 10K..

Five digit, the 'Sensitivity Index' of Sensex was decisively broken in close . Now, Nifty 3000 mark is under threat as the Bear hug gets tighter. FII's continue to sell and there is no support holding in this market. Immediate support for this wave is around NF 2950. Pivot for today is NF 3154 with Resistance at NF3202-3239 and Support at NF 2988.

VOLATILITY AT PEAK.....

Yesterday's ' Evening Doji Star' is now followed by 'Inverted Hammer' means shorts are being covered at bottom which led to "V" shape recovery. We are in last phase of bottom formation where buying will emerge vigorously at bottom. Its getting difficult to call the bottom but the range should now be NF 3420 to 2990 for next few days. Market has to close over NF 3512 for any upside momentum. Pivot for today is NF 3250 with Resistance at NF 3361-3431 and support at NF 3219-3149.

COUNTERATTACK BEARS.....

Any effort by Bulls is being fizzled out by strong Bears. 'Evening Doji Star' in daily chart yesterday is a matter of concern as it means more bearishness to come. Also we have formed Gap Down Island in sensex at level of 11374-11434. Only after overcoming this island, we can see some relief. Today, Gap down opening will see short covering in NF. Support around NF 3217-3167-3132 for today.Resistance for the UP rally will be NF 4287-4532.

UNSUSTAINABLE RALLY..

Gap up opening could not be sustained as the buyers are still nervous. Yesterday, FII's turned net buyers in equity after more than a month. Normally after capitulation, market needs to find a bottom which could be either retest of lows or around 3167-3064. Today looks like a soft day with support around NF 3450-3388; resistance for upmove is NF 3558. Avoid buying for today.

SMART RECOVERY TO CONTINUE.....

Bulls trying to tell: "We are DOWN, but not OUT". Yesterday, market rallied up smoothly from severly oversold region, absorbing all the sales and overcoming resistances. Bias remain positive today with target of NF 3615- 3674- 3715. Strong resistance at NF 3758. Support for this wave will be at NF 3487.

DEAD CAT BOUNCE LIKELY.....

The Bears attack last week broke the Bulls Pockets as well as Spirit with all the stocks getting capitulated to unimaginary levels. A technical pull back rally likely with NF target as 3564-3632 in next two days. Bullish Pivot for today remains NF 3310. This is going to be just a bounce from oversold region. No Buy signal has been generated so far.

MARKET WANTS TO SINK.....

Mercury Retrograde in Astrological charts is playing havoc breaking all supports inspite of all collective Global help. I expect the volatility to reduce from 15th october and serious buying to emerge from 3rd Nov. Support for the DAY NF 3217 - 3160. When Fundamentals and Technicals don't help, then only hope is astrological changes.

INDECISION PREVAILS.......

Market trading in downward sloping channel with lower tops and lower bottom formation. Strength will only be seen if market trades over NF 3615. U.S. & Asian markets are not giving any positive clue. Stability can come around NF 3504 . Sharp bounce back expected around NF 3477-57. Take care as Bulls are getting active at lower levels.

BULLS ON BACK SEAT.....

Important level of NS 3800 broken technically in close with Bears taking the full grip of the market. NF gapped down 3838 to 3758 (watch this level for future resistance)
Bounce back likely from oversold levels as well as with news of Policy changes and CRR rate cut. Over NF 3668- next level NF 3721 and 3752.
Take care as this will be just a pull back rally as the down trend continues.
Stop loss for longs is NF 3584 (in coming days) as below it can slide to NF 3473- 3353-3267.

SLIDE CONTINUES....

Nifty Future below 3868 can slide to 3764-3705-3645. Avoid bottom fishing as this trend can continue till tomorrow morning before a bounce back happens

NIFTY TARGETS

Nifty in a strong DOWN TREND with first Target of 3618

BULLS Vs BEARS :

The Market in the process of forming a BOTTOM has given this week cold sweat to all those who got stuck in ‘shorts’ as well as ‘longs’. Bears trying to pierce 3800 Nifty level and Bulls protecting 3800 level which is their final hope. We are in the final wave of this bottom formation. Break of 3800 level can take us to 3648-3577 level. Stop loss for shorts is NF 4040.