UPWARD CHANNEL

Nifty continues to move in a upward channel towards rsistance of NS 3148. Friday saw some profit taking in last fifteen minutes of trade. Today's resistance is NF 3105-3127 and support at NF 3060-3038. Weakness below NS 3025 for 2974

SURPRISE RALLY

After showing a reversal a day before, market surprised everybody by overcoming all resistances , forcing short covering and closing at the top of day . Trend last few days had one been one day up and one day down with higher lows and higher tops. Looking at the figures of yesterday, neither FII's nor DII's were buyers , then who is buying ...... Today looks like a rest day with resistance at NF 3120 - 3165 and pivot as NF 3033-3011. Bullishness over NF 3120 and Bearish break out below 2988. Daily charts are going into overbought zone.

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.