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.