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.