WEAKNESS CONTINUES..

Nifty forming lower tops and lower bottoms is moving in a downward channel. Watch NS 2631 which is technically a important support level. Pivot for the day is NF 2707 with resistance at 2756 and Support at NF 2652 and 2620. Strength will be seen only over NF 2822.

MINI BATTLE GROUND

It was a volatile, choppy day leading to formation of triangluar pattern with range NF 2867-2778. For today, trading range to be watched is NF 2855 and 2765 with 2838 as pivot. Nifty is showing weakness with lower highs and lower bottoms.

G-20 SUMMIT EVENT..

Market did respect Nf 2862 support and traded above it till afternoon but could not sustain above NF 2778 and broke late afternoon to close below the first support. Overall signals are a bit mixed as market is trying to test its lows. Outlook today seems to be flat to mildly positive as Bears will like to cover shorts before G-20 Summit. Pivot for today is NF 2872 with target NF 2908- 2963 and 2998 will act as strength test. Support remains in the zone NS 2788-2631.

WEAK HANDS GETTING OUT..

One day UP and next day DOWN, market is throwing the undisciplined Bulls as well as Bear on either side...... Yesterday, break and close below NS 3030 led to further selloff. Weakness will continue till it trades below 3030. Best strategy right now should be Day Trading till a trend is developed. For today, strength will be seen only above NF 2978-2998 for target of NF 3028-3058. Support at NF 2862. Break Of NF 2854 will find support at NF 2778-2631 range which should provide life support for Bulls.

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.