U TURN

Gap up opening immediately invited selling closing the market much below the open. Clearly a trend reversal day. Nifty closed at strong support from where some bounce can come. Short term indicators have turned negative. Today's resistance is NF 2994 with support at NF 2904 -2876-2856. Avoid buying today.

OVERCOMING RESISTANCE..

Nifty did face resistance at NS 3021 but overcame in late afternoon trade with strong momentum and closed beautifully over it. As long as market stays over NS 3021 , it will be bullish with bearish breakout below 2953. For today, gap up opening expected with resistance at NF 3106-3131. Watch NS 3148 as strong resistance. Strongly bullish over NF 3077 with support at NF 3027- 2985. Market going into overbought state and expect profit booking by late afternoon or tomorrow.

AVOID LONG EXPOSURE

We are near strong resistance of NS 3021 . Profit booking at higher levels after Gap up indicated nervousness of traders. Today's pivot is NF 2982 with support at NF 2912-2887-2856. Market may show bullishness over NF 2963 and will clearly will be bearish below NF 2943. Watch level NS 2820 in coming days.

STRONG RALLY..

Nifty held onto strong support of Ns 2820 and rallied from there with all round buying specially index heavy weights . Uptrend continues with resistance at NF 2998 - 3027 - 3078. Market strong as well as it trades over Nf 2960 with support at 2887.

LOOSING MOMENTUM

Market on trot for last five days is exhausted. Profit taking seen at higher levels and buying at lower levels. Trading range set up yesterday was NS 2934-2861 . With negative global cues , profit taking is likely by nervous traders.
Today's level : Bullish over NF 2916 for NF 2945-2954
Bearish below NF 2902 for NF 2872-2832
Breakout Levels : Bearish break out below NS 2820
Bullish break out over NS 2963

CONSOLIDATION AHEAD...

Market has significantly retested its lows and is moving in a upward triangular pattern. However, profit taking can come around NF 2972-3012 with support at 2904-2871. The upward rally is possible only above NF 2832.

RETEST OF BOTTOM..

Market in the process of creating bottom is trying to retest its lows. With U.S. market ending deep in red and Asian too following the same, gap down is expected in Nifty. Levels for today is NF 2729- 2632-2582. Watch NS 2524 in coming days which should be protected in close. I'll be travelling out and will be able to update after 10th Dec.

BAILOUT RALLY..

Citigroup bailout package leads into spectacular rally at DOW. Believe it on technicals or astrology , but as the charts have turned positive, we are in for a GAP UP today with target of NF 2832 and 2909 later. Outlook for today will be bullish as long as we trade over 2747-2777. Pivot is 2698 with support at 2656. Stoploss for all longs is NF 2652.

SHOWING STRENGTH

Inspite of overnight sell off of DOW, we opened with strong buying early morning on Friday. I feel that low has been tested successfully with a bounce back to NF 2754-2832-2909 in coming days. Today's strength pivot is 2652 and 2672 with resistance at 2757-2810. Support at 2629-2592. Stoploss for all longs is NF 2540. The charts have turned mildly positive wheras the Asian markets are trading flat to negative, it could be a day of consolidation as long as we trade over NF 2652.

DOW BREAKS ITS LOW

With DOW breaking its low, sentiment is bound to turn negative globally. Will we break 27oct low , is a question with bias remaining negative for today. Resistance for today is NF 2572 and support at NF 2475-2425-2376. Any upmove will be over NF 2540.