BULL'S GRIP

Nifty managed to close over 5182 and is now heading towards 5315 with jan NF support at 5152. Today's pivot is NF 5183 and strong over 5200 for target 5240 and support at 5168.

STILL TRADING IN BAND

Nifty after taking support at 4937 is now trading in band of 4997-64-32. Only close over 5025 will make the bulls comfortable whereas break of 4935 can take it to 4860. Today's pivot is nf 4985 with resistance at 5005-5015 and support at 4972-4960. Weak below 4952.

DOWNTREND CONTINUES

Nifty hurdle now will be 5084... Today's pivot is NF 5035 with support in the zone of 4997-4964-4932. Gap down expected today and will remain weak as long as it trades below 5025.

BREAK DOWN

Nifty after trading in range, finally gave up. Today's support is NF4988-4963 with resistance at 5054-5080. Watch sensex 16716 for support

STUCK IN RANGE

Pivot for today is NF 5121 with resistance at 5145-5162 and support at 5081-5060. Weak below 5096 and strong over 5123.

MULTIPLE TOPS

Nifty has made multiple Tops and bottoms (5180-5160-------5080-5050). Pivot for today is NF 5127 with support and resistance as per the range. It has to break out either side ....

STRUGGLING FOR BREAK OUT

Inspite of weak Asia, Indian markets have been able to keep their bullishness. Nifty has made a 'Head & shoulder' pattern for target of 5265 as long as 5084 holds. Today's pivot is NF 5122 with target 5148 and resistance 5167... break out over 5167 for 5206-5228. Support below lies around 5110-5091.

CONSOLIDATION WITH VOLATILITY

Nifty has been trading in the range since 4-5 days with buying at lower levels and selling higher. Today's pivot is NF 5122 with support around 5100-5079 and resistance at 5138-5162. Strong break out only over 5162.

LACK OF BUYING CONVICTION

Nifty touched the previous top and reacted strongly from there. Today's pivot is NF 5143 with support at 5101-5088. Weak below 5120 and break of 5080 can take it to 5048. With Asian Markets being weak, expect nifty to trade below the pivot.

STILL MORE TO GO

Nifty made its first signature by crossing previous high of 5138.. though this remains a supply zone. Upward movement will be a struggle here unless some external factor supports... . Today's pivot is NF 5125 with support at 5103-5088 and resistance at 5143-5171.... If crosses 5172 with volumes, then it can target monthly resistance.

BREAKOUT

Nifty gave a break out yesterday in early hours of trade by trading over 5061-68... with 1st monthly resistance in range of NF 5197-5269. Today's pivot is NF 5105 with resistance 5156-5182 and support 5082-5072.

MONTHLY TECHNICALS

Nifty managed to close around 1st Resistance level of November showing some strength as well indicating range bound trading. Pivot for m/o of December is NF 4901 with bullishness over 5086 and bearish below 4974...... more when the range gets broken.
Expect range bound trading today with resistance in the range of NF 5046-5068 and support around 5000-4978 ....pivot being the yesterday's close. ... bullish only over 5061 and bearish below 5002.

MONTHLY CLOSE

Market expected to gap up after bouncing from oversold levels. Resistance for today in the zone of NF 5020-5040 which is monthly resistance as well. Pivot for this week is NF 4962 with support at 4784 and resistance at 5123. However, with today's Gapup we will form Bullish Island reversal as long as this level of NF 4953-5008 holds.

WEAK SETTLEMENT

Pathetic end to a otherwise strong November Series but Market breadth had already indicated a storm. Range got broken on the lower side and then Bears had their Grip. Support lies for today around NF 4884 with Pivot as 5025 and resistance of yesterday's close of 4980.

PLAY THE RANGE

Market remains range bound with positive bias .... however, yesterday's positive close with negative Advance/Decline ratio does not give strong clue of the upmove and may be a distribution phase. Range remains 5128-5096-5080-5068. Strength over NF 5128 and weakness below 5068.Watch Reliance..

SETTLEMENT BETS

With settlement bets going on for settlement over 5150 or below 5080... volatility likely to increase. Today's pivot is 5072 for target 5089-5105 with support around 5042-5025. Watch yesterday's low of NF 5050 and high of 5109.

FLAT MOVE

Yesterday's move showed profit taking in many stocks with RIL holding the market. Today's pivot is 5096 with resistance at 5115 and 5132 and support around 5072-5052. NF should hold 5020 for any upmove.

WEEKLY TECHNICALS

Market took support over 4935 and rallied strongly from there. However, 5120-5174 level still hold resistance with weekly pivot at NF 5028 and support at 4974-4910-4860. Its going to be range bound till settlement.

CORRECTION FROM OVERBOUGHT ZONE

From Diwali Muharat, we had 11 days of fall and then 11 days of rise. Time wise,period has elapsed. Today's pivot is NF 4998 with resistance at 5008-5032 and support around 4960-4935-4910. NF should hold 4860 level for uptrend to continue and strength only over 5042

RANGE BOUND ACTION

Walls of Fear again setting at these level with strong resistance of Diwali Muharat day's low.... May like to consolidate between 4860 and 5100. Today's pivot is 5057-5067 with resistance at 5088-5109.. support in the zone of 5035-5015.

STRONG RESISTANCE ZONE

Only close over NS 5060 will turn the short term trend.. Today's pivot is NF 4968 with resistance around 4996-5024 and support in the range 4942-4914. Range for next few days is 4980-4939-4874-4840. Bullish over 4980 and bearish below 4840.

MOVING FROM STRENGTH TO STRENGTH

NF took support exactly at 4868 and moved fast once it crossed 4926. Though psychological 5000 level has been achieved with final resistance in zone of 5028-5057. Today's pivot is NF 4968-4972 and it has to trade over 5000 for bullish move. Support lies around 4952-4928.

SUPPLY ZONE

The supply zone is between 4930-5040. Nifty has already achieved target of 4930 which i had been writing before. For Upmove, it has to sustain over 4834. Today's pivot is NF 4890-4900 with strength picking up over 4915-4926. ..weakness below NF 4868 for 4845-4832.

MARKET TO CONSOLIDATE

Weekly Pivot is NF 4721 for target 4881-4911 though it is a resistance zone... support lies around 4662-4607. For today, the pivot is NF 4796 with strength picking up only over 4819 and weakness below 4775. Nifty may consolidate between 4740-4850 before the next move.

RECOVERY TO CONTINUE

Market has bounced back from oversold mode with daily charts also turning positive. ...aiming towards monthly S/R of 4856 and then 4930 zone. Today's pivot is Nf 4721 for target 4828 and resistance around 4854-4879. Now, weakness will be only if it trades below 4675.

SHORT COVERING RALLY

Nifty bounced back after taking support on the Island Gap.... this support should hold for all future upmove. Today's pivot and support in the zone 4662-4676 with resistance around 4724-4748. Weakness below 4648-4640.

CRUCIAL SUPPORT BROKEN

Very crucial level was NS 4740 creating panic and more shorts. Any bounce back can be till 4930 as we are in oversold territory in daily charts. Weekly pivot is at NF 4814 with resistance at 4937 and support at 4586. For today, the pivot and resistance is NF 4752-64 with support at 4642-4623 . strength only over NF 4792

STRONG GLOBAL CUES

Market expected to Gap Up after the worst expiry month . Today's NF is 4791 for target 4833 and resistance around 4867-4887. Stop loss for all longs should be 4761.. but relief rally is likely after 8 days of continuous fall with daily charts also in over sold levels.

SETTLEMENT DAY

Channel support around NS 4765-4725 which should hold for today. ... strength only over 4854 with pivot as 4831. To initiate longs NF should stay over 4792-4812 otherwise weakness could continue for another day. Daily/weekly charts are still negative.

RECOVERY FROM OVERSOLD

50DMA around 4825 should act as support as we are reaching oversold levels in hourly charts. Pivot and major resistance is NF 4884 and support 4807-4773. Tomorrow being settlement day, we may see short covering rally. UPmove possible only over 4930.

VOLATILTY AHEAD

Since Diwali Muharat, we are in a down trend which can continue this week as daily charts are showing negativity. Pivot for today is NF 4993 and bullish only over NF 5015... support lies around 4950-4920 from where some bounce is likely. We are nearing monthly pivot of 4908 and 50 DMA is around 4850 which could act as support for this wave.

SETTLEMENT WEEK

Pivot for the week is nf 5050 with resistance at 5126 and support in the zone 4954-4910. Nf has to trade over 5044 for bullishness though 4970 should act as a good support. For today, the pivot is 5016 for target 5025-5044 and support at 4989-4970. Bullish over 5052-5064... Lets see how the market reacts to extended hours of trading in next few days.

OVERSOLD LEVELS

It was little overdone and now we are in oversold levels in hourly chart. Gap up expected today with profit taking in morning. NF pivot for today is 5014 for target 5032 and resistance at 5059. For upmove, NF should trade over 5042 ( 20SMA). Support lies at 4976-4952. Take care as NF should not break 4952 in close which is a important level. On upside 5072-92 still remains a resistance level.

NEARING SUPPORT

Yesterday, NS 5077 was broken and now we are nearing support level which is around NF 5022-5032.... Beware..... as below it can go all the way to 4988-4952. Pivot for today is NF 5083... strength only over 5092.

PROFIT TAKING

Market looking tired here with profit taking at higher levels though the technical target is to cross the 5300 Island by November end . For this week, the support and Pivot is NF 5076 which should be kept in mind. Today, NF has to trade over 5127 for strength and support lies around 5085. Watch the swing of NS 5077.....

OPTIMISSIM TURNED INTO PESSIMISM

Muhrat trading opened with gap up and closed at the low point of the day sending a message to those who can understand...... For this week , the Pivot is NF 5076 with resistance in the zone of 5208-5247-5296 and support lies around 5066-5005-4988. Nf has to trade over 5146 for strength and will remain weak below 5108.

SAMVAT 2066

Wishing all the readers of this Blog.... A very happy & Prosperous Diwali!!

HAPPY DIWALI !!

Market taking a breather before Diwali. It has come a long way from previous Diwali... low of that day was around 2540 and it never broke that level and moved all the way to 5150 .... Now the crucial support is Nf 5052 for upward move. Today's pivot is NF 5108 with resistance around 5134-5155 and support at 5092-5070. We are definately heading towards the bubble zone which may be 5250-5500 .

DOW SET TO CHEER GLOBAL MARKET

DOW closing over 10000 mark !!! We too will gap up with first resistance on opening around NS 5163-5172. Today's Pivot is 5112 and Nf has to trade over 5144 for upward momentum... support around 5096-5108. With today's momentum, the hourly charts will go in overbought zone and may see profit taking in the afternoon or tomorrow

SHORT COVERING RALLY

Short covering seen in Nifty futures and calls once nifty started trading over 5000 level which now holds the key and is the immediate balancing point. For strength Nf has to trade over 5048- 5068 and preferably 5094 with today's resistance in the zone of 5135-5140 ..... ultimate target still remains 5300+.

WEAKNESS TO STAY

Infosys result.... RIL Bonus... global positivity ... failed to cheer the market . Pivot for this week is Nf 4977 with support in the range 4875-4845 and resistance around 5023. Only close over 5036 can start the upmove.

INFOSYS TO SET THE TREND

Infosys earnings can change the sentiment of the market which is oscillating around 5000 mark since last one week. Pivot for today is NF 5003 with weekly pivot as 5047 acting as resistance.... support lies around 4972-4964-4942 for this wave. Bearish below Nf 4981 and strength over 5020.

ENJOY RIL BONUS !!

Market expected to Gap up as RIL may open 100-150 points up; with profit taking coming at these levels. However, market remains range bound 4950-5050 zone. Today's pivot is NF 5006 with resistance at 5035-5047 and support at 4964-4943.

EVENLY POSED

Market tested the pivot of this month which is around 4910 and reacted sharply. Pivot for today is Nf 5001 and pivot for this week is 5047. Today's resistance could be NF 5062-5088 wheras support lies around 4988-4968

CONSOLIDATION

Nifty may consolidate here with positive bias waiting for results .. Today' pivot is NF 5021 for target 5045 and resistance around 5074-5080 and support at 5008-4980

SENSEX CROSSES 17K

September month closing over 17000 in sensex and 5000 in Nifty confirms the bullish trend. For october, NF 4908 is the pivot with first resistance around 5213-5245 and support around 4794-4736. For bullishness to stay, Nf has to trade over 5027 .
For today, the Pivot and support is NF 5046 with resistance at 5097-5120 . Bullishness only over 5027.

DIRECTIONLESS

Market waiting for some cue as yesterday saw gap up opening and then consolidation with positive bias by holding with RIL & ONGC . Today's pivot is NF 5000 with resistance at 5016-5042 and support at 4986-4976... Break of 4960 will lead to testing of 4931.

RANGE BOUND

Watch out for NS 4931 as it will remain bullish over 4931 for target 5004 and resistance at 5042. Cross of NF 5025-5042 can take it to 5118. We are in strong supply zone....

CONSOLIDATION TO CONTINUE

Pivot for today is 4978 with support around 4928-4945 and NS 4890 as last hope for bulls. Only close over NF 4525 will resume the upmove.

SETTLEMENT DAY

Weakness to continue today as well with uncertainty and volatility. Watch out NS 4930 or NF 4925 as break of that will lead to further weakness. .. gap lies between NF 4917-4892. Pivot for today is NF 4982 and will be bullish only over that.

FATIQUE SETTING IN..

Market looking a bit tired and may consolidate around these level though settlement tomorrow would lend some volatility. Pivot for today is Nf 5014 with resistance around 5044-5065... trading below 5002 will be bearish for 4977-4952.

SETTLEMENT WEEK

Pivot for this week is NF 4922 with support at 4860 and resistance around 5043-5075.... break out either side will give a big move. ... though the technical target for this wave is around 5300+.
For today,Nf has to trade over 4968 for target 4995-5008... however break of 4952 will lend weakness to test the gap up zone of 4892-4917.

REACTION ZONE

Market reacted from overbought zone with RIL leading the fall. However, this is just profit taking as the trend is still up. Today's pivot and resistance is NF 4976 with support around 4946-4931. Strength only over NF 4992. Market likely to pause and consolidate between 4850-4970.

OVERBOUGHT ZONE

With today's Gap up, we will be in overbought zone in hourly charts from where reaction may come. For uptrend NF has to trade over 4952 now with further support at 4935... resistance for today is Nf 4983-4998 with monthly second resistance also around 5002.

UPTREND RESUMED

Trend up as long as it trades over NF 4878 for target 4936-4952 though we are again walking into resistance zone.Next monthly resistance Nf 5000

DOJI PATTERN

Nifty has been trading in small range forming Doji pattern showing uncertainty at these levels. Today's pivot is NF 4817 with support at 4809-4796 and resistance in range of 4835-4848. NF strength will come over 4859 and will remain weak as long as it trades below 4815.

WEEKLY TEHNICALS

Nifty & Sensex first gave a break out and then traded in a range showing support around 4790. Pivot for this week is NF 4808 with first resistance around 4895-4923 and support around 4737-4727. The fear of last year sept-oct fall is still lurking in the minds of investors which is good enough for market to climb on the walls of worries....

PROFIT BOOKING

Weak hands showing signs of nervousness at these levels and market also looking tired. NS 4900-4920 will offer strong resistance. Today's pivot is NF 4837-4842 with resistance at 4866. NF should trade over 4872 for strength. Support around NF 4795... break of 4780 can lead to unwinding of longs...

UPWARD TREND CONTINUES

Nifty after consolidating is again ready for upward move to cross 4900 as long as it trades now over NF 4780. Ride the trend with trailing stop loss.

RANGE BOUND

After giving breakout, market need to consolidate around these level with positive bias. Today's pivot is NF 4813 for target 4825-4841 and support in the zone of 4776-4792. Strong over 4825 and weak below 4776. NF need to close over 4855 today for upward momentum to continue.

RANGE EXPANSION

Market did give a breakout as expected but low volumes is the cause of concern. The pivot and support now is NF 4765 and further down at 4735 with today's resistance around 4826-4857 from where minor reaction can come and then target 4900 in coming days. NF has to trade over 4786 for bullishness to stay.

BREAK OUT AFTER CONSOLIDATION

Nifty is poised to give a break out after consolidation as long as global cues support the move.For this week, the pivot is NF 4671 with first resistance in the zone of 4744-4792 and support around 4648-4600. NS has to cross and close over major hurdle of 4755. This month's first resistance is NF 4837.

HITTING RESISTANCE

Caution at these levels required with only small caps & mid caps flying and profit booking taking in heavy weights..... trend is still up. We are now trading in narrow zone with nifty future trying to maintain its support around 4652 and hitting resistance at higher levels. Today's pivot is NF 4688 with support around 4660-4642 ..... further down in the zone 4619-4572 and resistance at 4724. This could be another flat day but will be difficult for bulls to hold.

TOUGH FOR BULLS

Level over 4700-4750 is going to be a volatile zone with only select stocks going up. Today being settlement day for F&O , the pivot is yesterday's closing (4680) with weakness if we trade below NF 4652. ... Trade lightly as it may be volatile

SUPPLY ZONE

Nifty again entering the tough resistance zone .... volatility expected around this zone. Today's pivot and balancing level between Bulls and Bears is NF 4634-4642 with strength over NF 4652 and weakness below 4606. Resistance around NF 4692-4716.

PAUSE BEFORE BIG MOVE

With strong upmove and market breadth, market likely to take a pause here. Gap up zone of sensex 15362-15268 should hold for upmove. Today's pivot is NF 4630- 4637 with resistance around 4673-4695; support around 4609-4585. Nifty holding this area since last three months.... is it consolidation or distribution need to be watched??

SETTLEMENT WEEK

Shorts being covered on every dip last week, nifty is poised for positive settlement. Levels for this week are NF 4474-4540-4608-4650. NF 4596-4626 likely to offer resistance and support remains around 4474-4422.
With strong global cues, nifty future will open gap up and then decide its course. NF has to stay over 4560-4578 for momentum to continue.

SIDEWAYS MOVE

Range still remains the same. Pivot for today is NF 4467 with first support in the zone of 4438-08 .... strength only if trades over NS 4424 . Break of 4424 can make it retest its lows. Resistance around NF 4474-4497. Market likely to follow weak global cues.

STUCK IN A RANGE

Range now could be NS 4555-4495-4424. Break out either side could give big move however watch NF 4351 for stoploss for all longs.Pivot for today is NF 4442 with resistance at 4492-4529; support in the zone 4417-4380. For strength NF has to trade over 4424.

GLOBAL MARKET TUMBLES

India too participated in the global sell off breaking all supports and testing the previous low. By today's selling, hourly charts will be in oversold. Pivot for today is NF 4412 with support around 4333-4319-4293. For strength NF has to trade over 4454. Break of previous lows can take us to 4200 levels in coming days.

RANGE BOUND

Nifty is expected to be range bound as long as NS 4430 is maintained. Weekly S/R is NF 4516 and first support around 4409-4425 with resistance in range of 4650-4682. Watch Gap up zone in sensex 15213-15055.
Today is the gap down day with support around NF 4521-4489. ... strength only over NF 4579

BULLS BACK AGAIN

Bulls showed their strength by retaining the gains of the gap up and surpassing all resistances. Today could be day of consolidation after a strong upmove. Pivot and support for the day is NF 4582-86 with resistance around 4641-4652. FII's turned buyers yesterday and market breadth was excellent.... daily indicators turning positive. For rally to stay positive NF has to stay over 4510 and preferably 4542-52.

REVERSAL DAY

Yesterday, Nifty gave a false break down but reversed immediately trapping the shorts. Now, the trading range is 4417-4484-4551. Swings to overcome is 4510 and 4560 . For today the pivot and major support is NF 4426 and has to trade over 4494 and preferably 4528 for strength and momentum to continue. Only major concern is FII's were still sellers in yesterday,s trade. With strong global cues, Nifty likely to open with gap up .... but will that sustain is to be seen....

SUPPORT UNDER THREAT

Yesterday, the support was held and could rally till NF 4515. With the Asian markets showing negativity, the monthly pivot of NF 4400 may be under threat. Watch NS 4380... break of that will call for more shorts as next weekly support is around 4335-4294. Today's pivot is NF 4459 with support around 4400-4382. NF has to trade over 4426 for any upmove. Strength only over NF 4497. Daily indicators are still negative.

SWINE FLU & DRAUGHT FEARS.......

Yesterday , NS 4420 was broken in last hours of trade.... Next level to watch is NS 4380. For today, if we trade over NF 4382 then we can target 4454- 4470 and strength coming only over 4514 Break of 4382 has support in the zone 4338-4326. Daily indicators are still negative... Any upmove will be just a bounce...

WEEKLY TECHNICALS

Last week, Nifty Future could not stay over 4715 and corrected upto 4465 which is also 20 DMA. Daily RSI is around 50 which is a neutral zone and bounce can take place. For this week, the pivot and first resistance is NF 4554-4559. NF has to stay over 4560 for first target 4627-4652. However, it is weak if trades below 4505 for retest of lows...or support around 4408-4387. Caution advised on break of NS 4420 as it will lead to further unwinding by bulls. Monthly pivot is NF 4406.

JERK DOWN

Overbought in Daily charts and inability to stay over 4715 led to market reversal. Now, the resistance is Nf 4620-4628 with support in the zone 4532-4474. Market likely to be subdued till 12th August due to NHPC IPO which opens today. Daily charts are negative while weekly indicators still positive. Monthly Pivot is NF 4400-4420.

CONSOLIDATION

Last two days have been range bound trading with only select stocks moving.. RIL,ONGC,Infosys holding the nifty. Daily indicators have almost reached over bought but weekly showing some more room for way up. Caution is the key at these levels .... Today's bullish level is NF 4678-4683 and bearish below 4652-4648 . Only a decisive crossover and close over NF 4715 will decide the uptrend.

STRONG MOMENTUM TIRING OUT...

First weekly target of Nf 4738 almost achieved. Now, the next level to watch is NF 4779-4840 as by that time we will be overbought in hourly charts. For today, the pivot is NF 4682-4686 for target 4747-4759 and resistance around 4779-4786... support now has moved up to 4641-4649. With this move we will retrace 61.8% of the total fall.

MONTHLY TECHNICALS FOR AUGUST SERIES

With the highest closing for this month , Nifty will now be entering strong resistance zone with supply coming at every high level. Monthly cycle suggests August Month to be bearish.

Pivot for this month is NF 4406 with bullishness as long as we sustain over NF 4705 and bearishness below 4565. First Strong resistance around NF 4793-4899 and Support 4320-4210-4134.

For this week, Pivot and support is NF 4563-4576. Bearish below 4612 and bullish over 4662 f0r target 4709-4738 and strong resistance around 4781-4840. Support for this week is 4494-4474 and free fall below 4420.

HIGHEST SETTLEMENT

Nifty closed yesterday at the top end of channel and over which it is confirmed break out. Resistance in range of NF 4631-4643 and as long as it remains over NF 4608 , target for this wave is to surpass previous swing of NS 4693.

WILD SWINGS

Indicators showing bearish divergence inspite of nifty going up led to a big jerk down but Reliance led to recovery. Today , being settlement, the volatility is likely to continue. Trading Channel is 4585-4541-4478-4421. Today's pivot is NF 4500 for target 4555 and resistance 4586; support around 4469-4425 .

INDECISIVENESS

Market hits resistance .... slids down and find support at lower levels. Any side breakout can give a big move.... large caps showing tiredness. The range remains the same as that of last two days with support around NF 4535-4525 and resistance 4586-4605. Nf has to sustain over 4554 for upmove and support at lower levels 4496-4474.

RESISTANCE ZONE

Nifty slid yesterday and will continue doing so as 4550-4670 is a strong supply zone. Strategy should be buying in dips and selling at higher level. Today's pivot is NF 4572 with support at 4552-4530 and resistance at 4594-4624. Weakness below 4542 and strength over 4602. Some of the indicators are giving bearish divergence.

UPWARD BIAS TO CONTINUE

Nifty already closed above its resistance level of 4550 and has to trade over it for upward journey. Today's pivot and support is NF 4552-4557 for target 4598 and resistance 4621-4641. Weak below NF 4530 . This being settlement week trade with caution.

RELIANCE & ONGC RESULT

Markets reaction towards results of two heavy weights to decide the fate of market though we are in the resistance level and staying over that is getting tougher for bulls . As shorts got squeezed yesterday at NF 4555, so it is important to stay over 4555 and preferably 4494 from where upward break out took place in afternoon. Today's pivot and support around NF 4510 for target 4560 and resistance at 4586-4592 level. NF weak below 4485-4472 and strong over 4570.

BEAR ATTACK.

Yesterday, nifty reacted from the 4550 zone... could it be just profit taking .... For today , the pivot and resistance is NF 4455 with further resistance at 4505. NF weak below 4437 for retest of yesterday's low 4389-4360.

SIDEWAYS TO POSITIVE

Yesterday, NF took support at first level of 4438 and bounced from there and with this the hourly charts also corrected. Today's pivot is 4472 which is also the closing price. As long as it trades in positive territory and over 4493-4512 , bulls are comfortable; support in the range of 4454-4443 and final around 4385-4365. Close over 4540-4550 will be a very bullish signal.

STRONG RESISTANCE ZONE

Final resistance of this wave is NS 4540-4550 and if closes over this then it will target previous high. However, today nifty is likely to remain subdued as we are overbought in hourly charts. Pivot for today is NF 4478-4480 with resistance 4541-4571; below 4473 it can take support in the range 4449-4438 ; 4385-4367. Daily charts are still positive

UPTREND TO CONTINUE

With positive global cues, we have been able to overcome all resistances and able to close over 4382 which is a strong bullish signal. We are now entering resistance zone in the range 4450-4480-4530. Today's pivot is NF 4342-4346 with first resistance in range 4421-4435 and then 4460-4482. Buying at higher levels should be avoided as with today's move we will again be in overbought zone in hourly charts and can see reaction tomorrow. TREND IS UP AS LONG AS WE TRADE OVER 4310

GLOBAL CUES TO ASSIST THE TREND

Yesterday, after minor reaction from overbought zone, NF took support around the pivot level. Today's Pivot is NF 4237 for resistance around 4262-4278. NF has to trade over 4282 for uptrend. Support below pivot level is 4198-4172. Daily charts are still positive.

IMPULSE WAVE

This wave looks like a IMPULSE wave indicating short term bottom is in place as it is gaining strength and overcoming resistance. However, with today's gap up we will be in overbought region in hourly charts and can have reaction. Today's pivot and support is NF 4202 and it has to trade and close over 4274 for momentum to continue. Minor resistance at 4312 with major resistance in zone 4349-4365. Any close below NF 4162 (Bearish) or above 4382 (Bullish) will indicate trend reversal.

BOUNCE BACK FROM OVER SOLD.

With yesterday's Gap up, the daily charts have turned positive. Today's support is NF 4082-4090 for target 4200 in next two days. Today's resistance around NF 4160-4177 and strong over 4182.

INFOSYS RESULT TO CHANGE SENTIMENT

I feel that this wave has made its bottom and bounce back likely to 4154-4200 level likely. Today's pivot is NF 4072 for target 4112-4116. Strong as long as it trades over 4097 for its first target as 4161 depending on global cues. Weakness below NF 4060-4052 with as stop loss for longs.

SHOWING WEAKNESS

Market showing weakness with sell on every rise... watch 13470 on sensex (Gap UP zone) for the support. NF strength only over 4084-4093 with support 4041-4015. UP move only over NF 4117. Will 4000 as psychological hold needs to be seen.

SENTIMENTS CRACKED

With the big fall , there has been structural damage and yesterday nifty failed to cross even 4250 shows there is some more to go...however, we will be entering oversold zone. Today's pivot is NF 4188 with support around 4149-4095 and resistance in the zone of 4212-4233. NF has to trade over 4160-4170 for some strength.

DISAPPOINTMENT

What a Sell out yesterday..... Today a bounce back likely if FM gives some clarification to NF 4253-4276 with strong resistance at 4353 level. If trading in negative , NF can find support around 4055-3955. Trade with care

BUDGET DAY

Volatility expected on Budget Day with daily charts in positive mode and weekly in negative... till then swings can be on both side. Today's pivot is NF 4389 with resistance at 4461-4497 and support at 4389-4352. Last swing was at NS 4339 which needs to be taken out and NF has to stay over 4372 for upmove .

DIRECTIONLESS

Market is direction less in the range NS 4370-4340-4270 with break down below 4250 and final support at 4170 and break out above 4390. Till then buy low and sell high. Today's pivot is NF 4333 with resistance at 4373 and support at 4318-4291-4270.

SWING BOTH SIDES BEFORE THE EVENT

Range bound action to continue between 4250-4400. Today's pivot is NF 4315 for target 4373 -4382 and resistance 4408-4412. ... Support in the range 4304-4270. Upmove only if NF sustains over 4305 with long breakout over 4415

PRE BUDGET BLUES???

Was it the Pre Budget blues which led to long unwinding yesterday or technically beginning of second leg of correction will be clear if we trade below 4250-4220. From 2nd July, one of the star is turning which was responsible for bearish June. Today's pivot and resistance is NF 4330-4339 with support in the range of 4273-4240. NS should remain over 4320 for any upmove.

PRE BUDGET RALLY

On Friday, NS managed to stay over 5 SMA and rallied from there ....followed by short covering over NS 4339 . Daily charts are positive whereas weekly still showing negativity. Today's pivot and support is NF 4346 for resistance at 4423-4434-4461 (20 SMA at 4446). Weakness below 4329-4308 for this rally.

BEARS HAD THEIR MIGHT.....

Negative settlement yesterday was truly a bearish signature after a strong bull rally of over three months.We are right now in the 4200-4300 range with 5 Sma around 4265. Today's pivot is 4287-4293 for resistance around 4327-4335. Nf has to trade over 4305 for strength and preferably over 4335 . Support in the range of 4226-4192 for next few days. Gap up opening today may invite shorts.

Settlement Day

Month of june had been bearish and now we can see recovery from the lows with 4350-4415 as resistance zone. For today, NF has to trade over 4268-4280 and preferably close over 4350 for strength. Resistance around NF 4333-4360. Expect range bound with volatility with support around 4242-4250.

RANGE BOUND BETWEEN 4200-4300

Sideways move expected pre expiry of F&O. Yesterday's recovery was led by Reliance & ONGC. Today's pivot as well as balancing range between bulls n bears for next few days is NF 4221-4235. So far gap up opening leads to creation of shorts . Today's resistance is 4285-4314 with support at 4215-4182. Watch NS range 4282-4214 .. with strength as long as NF trades over 4252.

RELIANCE IN FREE FALL MODE

Reliance has been dragging the markets down and yesterday it broke important support of 1978. Weakness to continue till 30th june with next support 4090-3950. ... some bounce likely as long as 4100 holds. Today's pivot as well as strong resistance is NF 4272 with support 4164-4128. NF will gain strength if trades over 4205

OVERSOLD

We are oversold in hourly charts which could lead to technical bounce. Today's pivot is NF 4292 with resistance 4306-4347 and support at 4236-4223. NF strong as long as it trades over 4270 and will gain upward momentum only over 4352 and is Weak below 4247. This could be just a recovery day.

JERK DOWN....

Warnings given before of negative divergence and FII's selling stock futures did work and break of NF 4464 led to unwinding of all longs. Today's move could be sideways as we are getting oversold in hourly charts....some recovery is possible. Resistance at NF 4389-4407 with support around NF 4317-4298. NF has to trade over 4464 for any upmove..... till then sell on rallies.

NEGATIVE BIAS TO CONTINUE....

Nifty has already broken trend line and inspite of bounce back , it stayed below the trend line. For today, Nifty has to trade over NS 4550 for strength . Today's pivot is NF 4503 with strength over NF4498 and weakness below 4482 for 4464 .... breakdown below 4464.

WEAKNESS TO CONTINUE

Continuous profit taking and weak Asian clues.... market expected to gap down with support around NF 4464-4428-4412. Also 4412 is the first weekly support from where bounce is expected to 4500 level.... Today's pivot is 4531-4536. Strength only over NF 4536.

PROFIT TAKING TO CONTINUE

The daily and hourly charts showing negative divergence.... market expected to trickle down.. take pause. Weekly pivot is NF 4557 with 4678 as strength test and 4497 as weakness point. For today the strength will be only if NF trades over 4625 with support at 4552-4516. Could it be a top formation as this is becoming a strong supply zone .... only break of 4450-4361 will decide.... till then trade the range.

CONSOLIDATION

Market is looking tired at these levels after achieving the target of 4648. Caution required in buying at higher levels . May remain range bound. Today's pivot is NF 4638 with resistance at 4668 -4691 and support at 4818-4594. Strong over NS 4659 and weak below 4612 and break of yesterday's low can take it to 4550-4540

TARGET ACHIEVED

Nifty finally achieved its target of NS 4648 which is a very important achievement and closed over it. For upmove it has to trade over NS 4586-4611 and only resistance is in zone of 4750-4800. Today's pivot is NF 4646-4650 and cross of 4693 can take it to 4711-4725; support around 4629 and further at 4597. Market may like to consolidate around this level after major upmove.. so strategy should be to buy at low's or short at high point.

STRONG PULL BACK

Yesterday NF took support at the first level of 4381 and bounced sharply from there and cross of 4455-84 led to sharp covering by bears and nifty is now back in strong hands. FII's bought equity however they are selling stock futures giving a mixed signal.....may be Consolidation at this level with positive bias. Till then play the levels as over NF 4519-4586-4654-4722. Weakness below NF 4523-4502. Today's resistance is 4602-4627 and is strong as long as it trades over NF 4562

BREAK OF CRUCIAL SUPPORT

Yesterday ,nifty broke the crucial support of double bottom formed at 4451 and gave a strong sell signal. Now for any bounce 4451-4475 will be strong resistance for any bounce back. Today's pivot and resistance is 4483-93 with support in the zone of 4381-4328 from where a technical bounce is possible....

WEEKLY TECHNICALS

Last week, Nifty traded in range of 200points, so the weekly range will play an important part in the psychology of traders. Pivot for this week is NF 4561 for target 4646-4675 with break out over 4715. Weakness will continue as long as NF trades below 4537 and break down below 4484-4475. Remember strong resistance of NS 3648 (sensex 15580) and support of double bottom at 4451-4453

WAVE of OPTIMISM

Yesterday, nifty moved up after making a double bottom at 4453 and there was no looking back after the strength test of NF 4548 was crossed. My analysis is that this wave has been moving up after making double bottom at 2273-2963-3300-3534 and now at 4451, so one can keep S.L.of 4451 for any longs now... however, surprisingly FII's have been selling stock futures and now index future though buying in cash segment...means they are fully hedged. Yesterday, Open interest in Index future dropped dramatically inspite of increase in price showing profit taking or cutting of longs... there is no sell signal so far. Today's pivot is NF 4545 with strength over 4579 for target 4620-4657 . .. in case of any profit taking support at 4523-4508.

SUPPLY ZONE

Yesterday NF could not cross 4578 and tested 4475 zone. For today strength is only if NF trades over 4548 with pivot being 4531 and support around 4510-4483. Break of 4483 can take it to 4443-4434-4388. Probably a top of this wave (4586-4092) is formed and break of NS 4450 can lead to deeper correction.

BULLS STILL IN COMMAND

Nifty showing negative divergence yesterday, corrected by sideways movement with bulls even after breaking 4475 area managed to close much above it. .... for upmove sensex has to close over 14931. The pivot for this up move is now NF 4515 and strength is over 4534. Targets for today could be 4566 with resistance at 4602. Side ways movement likely. ... If NF stays below 4561.. one can short with S.L. of 4578-4582.

LOOSING STRENGTH

Though Bulls are heading towards NS 4648 but the hourly charts are going in overbought state and showing negative divergence. Watch 14931 on sensex which needs to be surpassed. However trend is up as long as NF trades over 4515 for target 4561-4585 and strong resistance in zone 4602-4640 for this week. Any time trading below 4491-4483 will spoil the Bull's party.

HEADING TOWARDS RESISTANCE ZONE

Market likely to test its top of NS 4509.... will it surpass that needs to be watched. No shorts over NS 4510 as it may target NS 4648... weakness only below NF 4442. Today's pivot is NF 4434 for target 4493 and resistance 4515-32-52. Trade longs with tight stop loss.

CONTINUATION OF UP MOVE

Market likely to continue its upmove with profit taking around 4407-4418 if NS 4363 is crossed. Today's pivot is NF 4326 for target 4361-4386 with support around 4311-4286. NF has to trade over 4339 for target 4405.

EXPIRY DAY

Expiry day of settlement is likely to bring volatility. For today, NF 4252-4262 will act as a pendulum mean point for the market to swing either way. Support lies around 4222-4229 where the shorts were covered yesterday. No buy below NF 4208.

OVERSOLD IN HOURLY CHARTS

I had been writing 13500 level on Sensex and yesterday it came close to that level (13518) from where bounce back is likely. For today , NF is strong as long as it trades over 4159 for target 4203-4219. However, NF 4224-4234 will act as strength test ; over which the shorts are likely to be covered.

RANGE COMPRESSED

The range is getting compressed and should give a big move in a day or two.... but with settlement getting closer and FII's selling stock futures in huge quantity... one need to be careful. Today's pivot is NF 4241 for target 4261 and resistance at 4280 whereas support lies at 4223- 4203. NS is stuck in zone of 4224-4248 where maximum activity has taken place in last three days. Watch 13500 on sensex.

SIDE WAYS WITH PROFIT BOOKING

Market likely to open down with support in the range of NF 4224-4197. pivot for today is NF 4226 for target 4279-4307. NF 4308 is the pivot for this week which may offer resistance at this level. Range for today could be NS 4172-4302.... break out either side should give a big move.

CONTINUATION OF PATTERN

Rangebound trading seen with support in the zone of NF 4152-4174-4186 and upmove over NF 4237 with resistance at 4262-4287. Strong only over NF 4293.

CONSOLIDATION ZONE

Market likely to consolidate between 4350-4150. Today's pivot is NF 4308 for target 4321-4353 and support 4245-4227. Strength over only NF 4322

PROFIT TAKING TO CONTINUE

After such unexpected rally, market likely to take rest... consolidation with profit taking but no major selling. Today's pivot is NF 4383 with resistance at 4462 and support around 4252-4224 and further at 4150-4105. Watch sensex 13500 which should not break for trend to remain strong.

STRONG RESISTANCE AT NS 3648

Shorts got squeezed badly.... first time in history to have closed on upper circuit. Now S/R for this mkt is NF 4250-4280 where the shorts were covered after first circuit opening. For the market to have strength it should trade over NF 4470-4570 today. I personally was flat before the event and will let the exuberance settle down before taking any trade as the market is too overstretched.

CHEERS TO UPA...

Market to gap up... with minor profit taking ... Strong as long as it trades over NF 3715 for times to come. No levels is relevant today over NF 3789-38237-3952. Enjoy the day....

NEUTRAL OUTLOOK PRE ELECTION RESULT

Ahead of important event, market is poised to give a big move either side... 3500 /3700. Today could be range bound with positive outlook over NF 3596 for target 3627-3650. Bullish only over 3652 and bearish below 3580.

VOLATILITY TO STAY AHEAD OF ELECTION RESULT

What a U turn yesterday... beyond expectations. Trend has again turned up as long as NF trades over 3597. Today's balancing level is 3644 over which bulls will have upper hand for NF 3718-3735-3779. Strong resistance at NF 3788 for this week.

FILLING the GAP area

NF has gap of 3483-3608 which it is trying to fill. Today's balancing pont is NF 3581-3586 below which it can test 3517-3483. NF has to trade over 3592-3598 for strength and will be very strong over 3621. Till 3592..3612 one could just take it as retracement.

RECOVERY DUE

Friday saw profit taking. Market is stuck in two gaps ...Gap up and another Gap down in October... it should fill the Gap up (3600-3478) before filling the gap down. Today's pivot is NF 3642 with resistance at 3659-3677 and 3696 being the strength test.. support lies at 3611-3599.

CHURNING OF PORTFOLIO

Market is correcting while staying within the same range with churning of portfolio. Today's pivot is 3667-3670 with target of 3699-3715; support at 3651-3632. Range bound expected. As long as nifty spot remains over 3615 there is strength.

BANK's STRESS TEST

U.S. rallied before the stress test and so are Asian Markets doing today. 38% of 6357-2250 is 3820 which is the target for this wave. Nifty is holding the Gap up level around 3610 and we can see upward movement as long as this level holds. Today's pivot is NF 3659-3663 for target 3694-3704 and cross over of yesterday's high can take the rally to 3790-3810 zone. Support at 3640-3608.

CONSOLIDATION

Consolidation to continue around this level though we are overbought in hourly charts. Today's pivot is Nf 3661 for targets 3685-3703 and resistance at 3726 ; Support lies at 3646-3626 and further down at 3592. Buy at lower levels and short at higher levels for intraday.

Pre election rally continues

Nifty broke out of its zone by a huge gap up. Now the supports for the rally will be 3510-3520. Today's pivot is nf 3644 for target 3676-3694-3709 and support at 3623. Weakness below 3623. Expect profit taking around 3720 levels which is the first resistance of this month.

SHOWING STRENGTH

On settlement day, nifty zoomed after crossing the strength test level and closed over it showing more strength for next level of NS 3640-3648 as long as it trades over the congestion zone of 3450. Today's pivot is NF 3457 for targets 3522-3562 and 3627. NF has to close over 3541 for more upside. Today's Gap up will be the fourth gap starting from 2539 which will definitely be closed in this month.... Trade carefully..

SETTLEMENT DAY

Market yesterday again took support at the lower part of the zone 3350-3450 from where bounce is likely. Today being settlement day with 3400 CE /PE being written off expect settlement around this area. Pivot for today is NF 3384-3386 for resistance at 3407-3417 and strong resistance at 3442 which will act as strength test. Support remains at yesterday's low.

CONGESTION ZONE

Range 3350-3450 is the congestion zone with 3500 as resistance..nifty spot has to trade over 3400 for positive bias. Today's pivot is NF 3462 for resistance at 3494-3521 and support at 3439-3411. Bullish over NF3479 and bearish below 3461. Trade carefully till the range breaks out.

SHORT COVERING RALLY

Looks like the market is in strong hands and the short covering rally over 3401 took the market away from bear's grip. Market strong as long as NF trades over 3384- 3392 for target 3465 and strong resistance at 3499.However, break of 3362-52 will bring the weakness back. Right now, the trend is not clear till we break the range 3500-3300 on closing basis.

BEARS MAKING A COME BACK

Market likely to trade sideways with downward bias. Strength will be only if it trades over NF 3346 for target 3360 and 3383 as strength test. Weak below NF 3338 -3327 for lower levels 3293-3269.

STUCK IN RANGE..

Nifty is making lower tops and lower bottoms but there is no major selling. Its still falling with bullish tendency. Between 3300-3500 range lies 3350-3450 i.e., bearish below 3350 and will be bullish over 3450... till then play this range. Today's pivot is NF 3370 with resistance at 3395-3424 and support at 3340-3308. One can buy at lower level or short at higher level. At this point puts below 3300 and calls above 3400 are being written off.

SELLING PRESSURE AT HIGHER LEVELS

Looks like intermediate top of NS 3511 is in place . Today's pivot is NF 3386 with downward target as 3340-3309-3281-3269 and resistance above 3386 as 3408-3433. Any upmove will be over NF 3441. Support for the wave if NS 3300 is broken should be 3240-3187.

CAUTION AT HIGHER LEVELS

Weekly charts have made a doji candle showing indecision at these levels. This week's stop and reverse is NF 3406 with targets as 3488-3595 and supports at 3329-3277-3217. Consolidation can take place between 3240 and 3500. Today's trading strategy should be to buy only if NF sustains above 3421 for target 3461-3489 and short if remains below 3412 with S.L. of 3432 for target 3341-3325. Trend is uncertain as break of NS 3310 will start the correction of wave 2963-3511 formed.

REACTION FROM OVERBOUGHT

Yesterday, for the first time, selling was seen through out the day since the wave started from 2963. As global markets are positive , we may see some positive reaction. Last two days have been long range days. NF has to trade over 3417 for target 3459-3484. Any time break of 3387 will bring weakness all the way.... Maximum target this month is NS 3522-3594 and yesterday we almost achieved first target.

EXTENDED WAVE

I had been analyzing this wave which now i feel is a extended 9 wave formation from NS 2773 to 3417. Only break of NS 3300 will confirm the termination of this wave which can lead to correction upto NS 3103-3070. Today's pivot is NF 3387 with support at 3365-3338. Nf will remain weak below 3376. It has to trade over 3387 for upper target 3417-3443. Market is due for correction.

INCHING TOWARDS 200dma...

Though Bulls are in command...they seem exhausted running for 200DMA. Previous day, we touched 200 DMA (E) and profit taking. Weekly pivot is NF 3308 for target 3424-3493 and support at 3276-3218. Today's trading strategy should be to keep NF 3358 as stop loss for longs for target 3383-3411 or short below 3354 for target 3328-3300. Long break out over NF 3411 which though looks unlikely. Expected flat to positive day. Over 3411, we have target of 3522-3594.

STRONGLY UPTRENDING..

Unexpected strong rally after gap down opening at the first support level given. Bulls are in command and RSI daily is overbought at 85 ...so is the PCR over 2.0. Target for the wave is 200EMA which is at 3395 or 200SMA at 3445 from where some reaction can come tomorrow.
Today's pivot is NF 3294 with resistance at 3414-3472. Stop and Reverse for the rally now is NF 3221.

GAP DOWN EXPECTED ....

On Monday, profit booking came right on opening and Reliance looking weak. Sensex has left a gap at 10127-9941 orNF 3150-3069 which needs to be filled before it shows any upmove. Gap down expected with 1st support at NF 3150-3160. Break of NF 3140 will take it down to 3050-3060. It will be too early to say that reversal has taken... only break of NS 2960 will define the down trend.

DANGEROUSLY OVERHEATED MARKET

Market has just being going in one direction and according to me it can give a big jerk down between 8th and 17th April.... daily RSI is around 80 and one or two days rally is possible from here. Today's pivot is NF 3204 for target 3254-3285-3314. Weakness below NF 3169-3140.

DIRECTIONLESS MARKET

Market has no mind of its own and is trading after taking global cues. Its best to trade light at this stage and play the break out. Today's strength is only over NF 3021 for 3034-3052 and break out over 3054 while weakness will remain till it trades below 2998 with bearish break out below 2980-2972. Daily charts are overbought whereas weekly charts are showing some more upside scope.

CONSOLIDATION AT THIS LEVEL

Market taking cues from Asia and ignoring Dow likely to trade positive today. One can go long around NF 2991 with S.L. 2972 for target 3014-3026. Nf has to trade over 3026 for any strength upto 3041-3063. Below NS 3050-3060 market likely to remain weak and it that case this could be just a retracement of yesterday's move.

PROFIT TAKING DUE

Short at higher levels for target NF 3081. Break down below NS 3050 for target NF 2974 though the downside target for this wave is NS 2987-2900-2850.

OVERHEATED MARKET

All indicators are giving negative divergence.. The target for this wave could be NS 3138-3178 with strong resistance at 3245 but it can turn anytime. The support is NS 3000-2987-2925. Break of 2925 will reverse the trend. Strategy should be to buy puts at every rise and book profit immediately as there is no sell signal so far. Today's pivot is NF 3059-3067 for target 3105 and resistance at 3128 and support at 3041-3035. Break of NF 3021 can take it 2991.

RELIANCE ON FIRE

Only one stock is pulling the market. Today being the settlement day... watch Reliance .... market will turn according to Reliance as shorts are trapped in Reliance. Market is strong as long as it trades over NS 2945-2950. NF pivot is 2963-2967 for target 3003-3023 and support at 2943. Breakout again over 3023 where shorts if any will be covered... till then the range is NS 3020-2887. Expect volatility today.

CONSOLIDATION AFTER BIG MOVE

Was it a reversal day ?? with open to close as negative. But looking at Bulls sentiment.. one more attempt can be made on upside as long as nifty spot trades over 2836.. Today may be sideways with support at NF 2910-2882. Bulls will try only over Nf 2956-2969 for target 2997. Support for this wave is in zone 2850-2836.

STRONG MOMENTUM..

Yesterday saw Bulls in command with market opening over the break out level. Today we may see slight profit taking after gap up opening. Trading strategy should be to go long over NF 2909-2911 with S.L. at 2881 for target 2967-2996. Over 2996 we may see NF going to 3042.

STILL MORE TO GO

Two consecutive inside days... market has tried to consolidate at this level as indicators were showing bullish divergence. With settlement due this week, shorts are being covered at all dips. Trading strategy should be to go long if sustains over NF 2812 with S.L. 2798 for target 2828-2856. Weakness only below NF 2793 for 2775.

RANGE BOUND

Last two days have seen churning of portfolio.... could it be distribution ...needs to be watched. Till then expect range bound trading. Today's pivot is NF 2791-2785 with support at 2768-2741. For any upmove NF has to trade over 2810-2817. Strong support at NS 2735.

GREED...NO FEAR

Bulls are showing more greed with no fear at this level with buying coming at lower levels. Technically, we should see profit taking around this level as the upward momentum is decreasing . Yesterday's pattern can be repeated today. Today's pivot is NF 2795 with resistance at 2812-2824 and support at 2764-2747 levels. Trading strategy should be to take cautious shorts if open higher as NF has to sustain over 2824 for upward move to 2877 which seems to be little difficult . Watch Sensexas it had left a gap at 9210-9320.

RESISTANCE ZONE..

Yesterday,we did see some profit taking but NS 2740 was held from where there could be bounce to NF 2772-2793. According to me, this wave is completed... only move above NS 2805 will negate this point but at the same time this area will offer strong resistance and till NS 2860 will be a supply zone. Today's trading strategy should be to take shorts around 2772-2793 for target 2735. Strength over NF 2762 only. Looks like sideways trading with positive bias as bulls are still active.

OVERSTRETCHED..

Hourly charts are in overstretched zone. Today's trading strategy should be to watch NF 2752 below which it can go to 2729-2692. If stays over 2752 then one can short around NF 2797 as 2820 will be major resistance. NS weak below 2740 and break down comes with break of NS 2700. Asian markets being flat to negative and U.S. markets loosing all the yesterday's intraday gains.. expect profit booking at these levels.

SMART RALLY BY BULLS

Gap Up opening today will invite profit booking today or maximum by tomorrow as we will reaching overbought levels in hourly charts. Today's pivot is NF 2696 for targets 2736-2756 where shorts can be build up as it goes up with S.L. of NS 2809. However, this could be simple profit booking and no major selloff as of now. Support for this wave is NF 2670-2636 and final support at NS 2600.

ON WAY TO RECOVERY

Nervous traders unwinded their long position yesterday afternoon but as i had written recovery is due from oversold levels. Today's pivot is NF 2607 for target 2630-2654. Strongly bullish over 2654 for target 2685. Watch NS 2664 as resistance which if crossed can even take us to 2708-2730 levels. Support lies at NS 2600 or NF 2582 for this wave. Buying in dips should be the strategy now.

DUE FOR RECOVERY

U.S. markets gave a strong rally on 10th though we were closed for two days. We are in oversold zone and are due for recovery. As long as NF trade over 2578 the targets are 2633-2662- 2679. Nf weak below 2563 to test 2533 again. Asian markets being flat, watch the High and Low of NF in first 15-30 minutes. Watch NS 2628 and 2663 as resistance for two days.

RANGE BOUND

With flat to negative Asian cues and next two days hoilidays, market expected to be range bound. Today's major area is NF 2578-2584. Bulls will be active only over 2584 for target 2634 and major resistance at 2642. Below 2578 one can short for 2557-2552. Break of NF 2552-2541 will bring major weakness. Happy Holi !!

REVERSE TURN

Oops! i got it wrong as my mind was full of optimism with positive global cues and Repo rate cut. Morning itself started with sell off in heavy weights like ONGC, RIL, BHEL, NTPC... and nifty tested the level which i was expecting a day earlier. Today's Pivot is NF 2578 for upper targets as 2585-2598 and support at 2529-2501. If it opens low and able to sustain around 2538-2548 then one can try going long with S.L. as NF 2491 which is the monthly support. Shorts should be taken around 2578-2585 levels for lower targets. NF strong over 2589 and strong resistance at 2612 or NS 2610. Boilinger Band daily and weekly supports in range of NS 2555-2528-2488

SHORT COVERING

Nifty moved up swiftly in late afternoon due to short covering. The outlook for today is cautious optimism as long as NF trade over 2620 with Stop loss for all longs at NF 2597 - 2589 for target NF 2645-2656-2662. Major hurdle in zone of NF 2669-2683. NS has to trade over 2709 for upmove.

OVERSOLD ZONE

Hourly charts are moving into oversold. One can play for a bounce back at this level. Today's strategy should be to buy in dip in early morning around NF 2565-2585 for bounce to 2616-2642 levels. If unable to cross and stay over NF 2618 will gather weakness to test 2565-2540 level. Strong over NF 2629. NF has to cross hurdle of 2655-2670 for uptrend to start. Sideways trend expected till we cross resistances. Range for the day is NS 2676-2545.

BEGINNING OF DOWN TREND...

Nifty is trying to break its low but with today's dip hourly charts will go in oversold state. Also as Asian markets are recovering after the gap down, we too can follow the trend. Buy around NF 2609 or below with S.L. 2572 for target 2624- 2648-2655 for a bounce or short at higher levels with S.L.2680. Unless NF 2672-2679 is not crossed on upside, we are still in bearish mode. Pivot for the day is NF 2648. Watch NS 2570-2502 in coming days as break of that will clearly define the bear trend.

MAKE OR BREAK LEVEL

Poor GDP numbers and sharp decline in Rupee has turned the sentiment negative. Weak Asian markets are suggesting a Gap down. NS had made a low of 2677 and held previous low of 2661 whereas Sensex had broken its corresponding low of 8631 and went down to 8619 suggesting more downside. Market is trading in a range since November and is difficult to have positional call. Today's trading strategy should be to short around NF 2688 with S.L. of 2715 for target 2661-2655-2627. Boilinger band is suggesting daily support at NS 2685-2650 and weekly support at 2583-2517. Any upmove can be over NF 2712-2722. Watch Reliance....

START OF NEW SERIES

Today being the first day of March series, we are entering resistance zone of 2806 (previous high), 2824 (daily 20SMA), 2859 (weekly 20SMA), 2876-2882 ( bulls liquidated their long positions ). Considering the high resistance zone, nifty may pause here to gather momentum. For upward momentum to continue NF should trade over 2755 for target to 2830. Break of NS 2740 -2732 will cause weakness to retest its lows . Today looks like a sideways trading with no clear trend. Best is to wait and take shorts around 2860 level or trade light. Pivot for the day is NS 2771 (NF 2752) with resistance at NF 2830 and support at NF 2715. Trend will emerge once the market opens. Daily charts are positive while hourly charts are giving negative divergence indicating some selling may come at this level. Use high and low of Nifty future made in first thirty minutes to indicate the trend or stay out to get whipsawed.

SETTLEMENT DAY

Yesterday, Nifty completed its target and reacted after hitting resistance zone which is very important to cross for upmove. Today, being settlement day, expect volatility. As my daily charts have turned positive, dips can be bought with S.L. of NF 2722. NF should trade over 2734- 2745 for target of 2762-2768-2780. Very bullish over NF 2782 which is yesterday's high for target 2822.

SHORT COVERING BEFORE EXPIRY

Yesterday, mkt went low but indicators were giving positive divergence and we had bounce back till NF 2739. Right now odds in favour of longs. Today's strategy should be to go long with S.L. 2705 in NF for target 2744- 2761-2780. For strength NF should trade over 2743. Resistance at NS 2790-2808.

RETEST OF LOWS.

With U.S. markets breaking its low causes pressure on Asian markets. For Indian markets, NS 2660 holds the key. Today's trading strategy should be to watch NF 2688. If it bounces from there and holds 2708 , we can see 2739-2744. Below NF 2684, we could test 2645. For strength to come NS should be over 2762. Asian markets rallied yesterday from their oversold position wheras we were closed and this being the settlement week, trading could be tough as one can get caught either side. Today's pivot is NF 2723. Use high of NF as S.L. for any shorts as indicators are giving positive divergence and bounce back is likely from this zone .

FINAL WAVE IN FORMATION

Last two days nifty has traded in small range with resistance at 2800 and support at 2757... today, we are likely to break that with support at NS 2720-2700. Trading strategy should be to cover shorts today and go flat as next week is settlement. Today's pivot is NF 2776 with support at 2740-2729-2688. One should go long only over NF 2798 for move up as that is the final stop loss for all shorts. NF strong only over 2766. Monday being holiday, tuesday will define the trend for settlement.

PAUSE BEFORE BIG MOVE

Nifty did bounce back from its low yesterday but couldnot sustain its gains and ended flat. Expect range bound today with NF 2740-2795 holding the key. Pivot is at 2762 with resistance at 2792-2806 and support at 2740-2720. NF has to sustain over 2784 for upmove .

NEARING SUPPORT LEVEL

Market has reacted sharply and is reaching oversold levels. Today's pivot is 2768 with resistance at 2774-2793 and support at 2735-2717. Trading strategy for today should be to cover shorts around 2717-2735 or keep trailing stop loss of NF 2762 as we can see exhaustion of selling today and can see bounce to 2840 level though the trend has turned down. Support is NS 2728.

DAMP SQUIB

Nifty broke the crucial level 2882 to take support at 2840. Today's pivot is NF 2859 with support at 2803-2775. Strength will come only over NS 2882. Watch level NS 2800-2780 for support.

BUDGET EXPECTATIONS

Nifty did break out its previous low but not sensex... so, we are still in consolidation phase. We are near major resistances and some of the oscillators are giving negative divergence. NS 2882 still holds the key. NF must trade over 2912 for the upmove. Today's pivot is NF 2948 with resistance at 2960-2973 and support at 2932-2920. Bearish below NF 2920. Expect some volatility today.

CONSOLIDATION WITH IN RANGE

Nifty traded in range ; yet protecting the crucial support NS 2882. For upmove to start, NF has to trade over 2927-2934. The pivot for this wave is NF 2893 with resistance at 2913-2934 and support at 2884-2872. NF looks bullish over 2905 and bearish below 2888. Everybody is waiting for budget.....

CONSOLIDATION AFTER BREAK OUT

Inspite of weak global cues, Bulls managed to show strength and protect the first support of NS 2882. NS 2840 has to be protected for any upward move. Today's pivot is NF 2911 with resistance at 2943-2961 and support at 2905-2887-2872. Below 2872 we will be weak for 2840 level. Today also Asia is weak which can give some nervousness to bulls if yesterday's low is broken. The target for this wave over NS 2882 is 3060 which is acting as lollipop for traders.

REACTION FROM OVERBOUGHT ZONE

Nifty reacted sharply from overbought zone in hourly charts. Today's bullish level is NF 2918 with strong resistance at 2948 and support at 2888-2841-2788. There is strong support at NS 2841-2832. With DOW and Asian markets being negative , we could see a weak market today.

BULLS IN COMMAND

Bulls managed to cross all resistances and closed at the upper end of range. NF has to stay over 2872 for up rally though we are entering over bought zone in hourly charts and can see a reaction. Today's pivot is NF 2882 with strong resistance at 2939-2967 and support at 2884-2856.

BREAKING OUT FROM FLAT RANGE

After trading flat for 5 days and supporting NS 2750, nifty is going to check upper end of range which is NS 2881. Today's pivot is NF 2821 with resistance at 2845-2858 and major is 2872. Support exist at 2810- 2774. Nifty future should remain over 2827 for upward rally.

FLAT RANGE TO CONTINUE

Bulls lack buying conviction at higher levels. What needs to be seen is how long this flat pattern will last. Today's pivot is NF 2767 for targets 2786-2807 and support at 2746-2725. Nifty future has to trade over NF 2784 or NS 2800 for upmove.

BEARISH CONSOLIDATION PATTERN

Nifty is moving sideways with buying coming at lower level and selling at higher level in a bearish pattern though everyday it is trying to make marginally higher highs and higher lows. Trend line support below is NS 2787 and resistance NS 2832-2863. Toady's pivot is NF 2792 with resistance at 2801-2820 and support at 2762-2743. NF has to trade over 2817 for upward move and is waek below 2780.

SEARCHING FOR DIRECTION

Volatility at its peak making it difficult for traders. Today NF has to trade over 2775 for resistance at 2788-2811-2844 with support at 2741-2718. Market has spent lot of time in this zone and break out either side should be traded carefully.

MARKET UNDECIDED...

One day up and one day down... no trend is being formed. Today's pivot is NF 2766 with support at 2735-2706-2677 and resistance at 2795. Bearish below NF 2823 . For upmove NF should trade over 2781.

SIDEWAYS TREND

Nifty is moving sideways with a bullish outlook. Today with Asian market being negative... soft opening expected. Toady's pivot is Nf 2837 with resistance at 2898-2929 and support at 2828-2808. Bearish below Nf 2797. For upmove NS should trade above NS 2803 and preferably 2825.

CONSOLIDATION

Market is in a consolidation mood and trading sideways with no major upmove or downmove. Today's pivot is NF 2819 with resistance at 2843-2866 and support at 2769-2742. Support for this wave is NS 2792-2765-2742-2708. Breakdown below 2678.

NEARING SUPPORT LEVELS...

Nifty charts are showing positive divergence and could give some bounce . Today's pivot is Nf 2691 with resistance at 2708-2724 and support at 2675-2659. NF has to trade over 2712 for target of 2744-2759 and will be weak below 2679. However, it is making lower highs and lower lows daily..... yesterday's high of NS 2744 needs to be crossed decisively and should not break 2700.

BREAKING SUPPORTS

Crucial support of 2700 broken intraday though it managed to close over it in weighted close....... still requiring attention. Nifty Future has to trade over 2720 for resistance at 2743-2763-2773 with support at 2658-2630. Today's Reliance results hold the key..... watch 1146-1183.

THUMBS DOWN..

Market again in a sell mode, not caring for Mr Obama. Pivot for today is Nf 2767 with resistance at 2790-2805 and support at NF 2746-2713. Bearishness will continue till NS 2810 is not crossed. Its important for NS 2700 to hold for some uprally.

RALLY FROM OVERSOLD ZONE

Bulls having managed NS 2700 have to try hard to maintain above NS 2812 for bullishness to continue. Today's pivot is NF 2791 with support at NF 2762 and resistance at NF 2841-2867 and final resistance of NF 2924- 2940 for this wave.

CHOPPY TRADES AHEAD....

Gap down yesterday saw some selective buying....Today looks like a day of consolidation and pause. Nifty Future has left a gap of 2748-2755 which is very important to watch.. Today's pivot is NF 2713 with resistance at 2732-2755-2784 and support at 2692-2672. For any upmove, NF has to stay over 2729 and is weak below 2697.

SHORT COVERING RALLY

Yesterday rally from oversold zone was further fuelled by short covering over 2800 ; but with U.S. markets being highly negative... the upward rally seems to fizzle out. Watch NS 2800-2700 for bullish and bearish indicator. Today's pivot is NF 2774 with resistance at NF 2797-2831 and support at NF 2720-2668.

OVERSOLD WITH SUSPICION...

Highly oversold in hourly charts with positive divergence..... should see a upward rally for a day or two if able to cross NS 2828. Pivot for today is NF 2737 with resistance at NF 2748-2774 and support at NF 2696-2670. Bullish over NF 2792 which was high of yesterday. Trend is still down.

INFOSYS RESULT

Lets see how the market reacts to Infosys result.... we are going into oversold in hourly charts. Today's pivot is NF 2776 with resistance at 2784-2817 and support at 2683-2675.For any upmove nifty has to stay over NS 2810.

HAS THE DOWNTREND STARTED????

Market did held on to support of NS 2800 but has made a signature by breaking the low of NS 2812 by 2 pts... If 2810 breaks again, then we are in trouble. Expect weakness till afternoon... Nifty will show strength over NF 2897 with pivot at NF 2865 and support at NF 2822. Over NF 2931 expect bullishness and below NF 2795, we can see the downslide.

REVERSAL DAY

Nifty broke heavily from overbought zone .... broke supports and has gone in down trend. SATYAM's news was only a reason to correct from highly stretched zone..... its all technicals ...... Today's major resistance is NF 2987 and any upmove if now will be over NF 3063 with support at NF 2842 and 2767.

STILL MORE TO GO...

Nifty corrected in overbought market in hourly charts but the daily and weekly suggesting some more upmove. Trend is bullish as long as NF stays over 3112 with todays resistance at NF 3159- 3199. NS 3160 is the next MAJOR hurdle which needs to be overcome. Support lies at NF 3086-3063.

UPTREND CONTINUES...

Nifty overcame resistance in late afternoon though we are going into overbought zone in hourly charts . This may give a soft start today and lead to profit booking. Today's pivot is NF 3109 with resistance at 3142-3162 and support at 3072-3037. Watch Reliance which has led the rally in last two days.

FISCAL POLICY

Market has already rallied in anticipation of fiscal policy and is close to resistance of NS 3091. For today the trading pivot is NF 3056 with resistance at NF 3073-3091 and support at NF 3035-3016. Nifty has to trade over NF 3086 for upward momentum to continue.

NEW YEAR 2009

Wishing all my readers of this blog ..... A very Happy & Prosperous 2009 and hope the only way to go from here, is UP...UP... and UP.