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.