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....