IS IT CONSOLIDATION OR DISTRIBUTION ??

Volumes missing on UP DAY is the point of worry for Bulls. Range remains 3240-2860 with 5DMA & 20DMA converging at NS 3030 will provide the fighting point for Bulls & Bears . For Today, the pivot is NF 3120 with resistance at NF 3210 and support at NF 3072-3030. DOW and Asia being negative will have impact on our market.

HOLDING SUPPORT..

Market held on to its first support of NF 2869 for two days and has bounced from there. Range now is 2860- 3250. Breakout on either side, should give a move of 200 points. I expect the market to trade in this range for the week. Now,one can keep a trailing stop loss starting NF 2950 for longs for target 3025-3065-3094-3135. Bullishness can continue till tommorrow but wait for DIPs to go long.

TECHNICAL OVERVIEW

Market doing a YO-YO makes a trader wonder as to where is it going. Posted above is the chart with strong support at NS 2250 which is difficult to break (Green line) and medium term resistance at 3240 (Blue line). It can consolidate here before making a big move. Again for this wave, the Zone 2778-2631 should provide a support.
For today, NF 2921 -2937 is the pivotal range with support at NF 2838-2740. Bullish only over NF 2979.

BULL REVERSAL DAY

Typical Bull reversal, with market opening with huge gap up , immediately followed by Profit taking. Break of NF 3111 led to break of Bull rally ; complete reversal with close below previous day. The hourly charts have turned negative and the trend will continue atleast till tommorrow.
Supports for NF 2869-2745-2621. Resistance for today is NF 2962-2992.

OBAMANIA..

The U.S. pre-election rally is being seen globally to be followed by Victory rally. Catch the Uptrend with target of NF 3213-3263-3296. Uptrend will continue as long as we trade above NF 3111. Very Bullish over NF 3263. Long term support now is at NS 2873-2826.

BIG EVENT AHEAD...

Short covering rally seen at yesterday's closing. Indecision due to U.S. elections may result in profit taking today as well as volatility. For short term gain, one can short with Stop Loss of NF 3076 for target NF 2901-2848 ; pivot being NF 3021. As the short term daily charts have turned positive, i'll just take it as technical retracement of mildly overbought in hourly charts.

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....