REVERSAL DAY

Nifty broke heavily from overbought zone .... broke supports and has gone in down trend. SATYAM's news was only a reason to correct from highly stretched zone..... its all technicals ...... Today's major resistance is NF 2987 and any upmove if now will be over NF 3063 with support at NF 2842 and 2767.

STILL MORE TO GO...

Nifty corrected in overbought market in hourly charts but the daily and weekly suggesting some more upmove. Trend is bullish as long as NF stays over 3112 with todays resistance at NF 3159- 3199. NS 3160 is the next MAJOR hurdle which needs to be overcome. Support lies at NF 3086-3063.

UPTREND CONTINUES...

Nifty overcame resistance in late afternoon though we are going into overbought zone in hourly charts . This may give a soft start today and lead to profit booking. Today's pivot is NF 3109 with resistance at 3142-3162 and support at 3072-3037. Watch Reliance which has led the rally in last two days.

FISCAL POLICY

Market has already rallied in anticipation of fiscal policy and is close to resistance of NS 3091. For today the trading pivot is NF 3056 with resistance at NF 3073-3091 and support at NF 3035-3016. Nifty has to trade over NF 3086 for upward momentum to continue.

NEW YEAR 2009

Wishing all my readers of this blog ..... A very Happy & Prosperous 2009 and hope the only way to go from here, is UP...UP... and UP.

BULLISH PATTERN

Nifty has made a bullish pattern with target of NS 3110 as long as we hold above NS 2960. However, break of NS 2900 will nullify this pattern. We are very close to resistance of NS 3045 which is also 50 EMA with support at 2920 (20 EMA). For 31st Dec (wednesday), nifty future bullish over 2957 with target of 3017-3047 and support at 2927.

SHORT COVERING RALLY

Nifty took support in 2800 zone and bounced quite hard which was then followed by short covering rally. Bulls will like to protect this area whereas profit taking will be seen around 3050 level. For Tuesday(30th Dec,08), the pivot is NF 2900 with resistance at NF 2973-3010-3035 and support at NF 2863- 2854 from where short covering started.

DOWN TREND

Nifty breaking supports and now the next support lies in range 2835-2750 . As long as nifty holds these level Bulls will still have some hope. For today, the pivot is NF 2900 with support at NF 2835-2803 and resistance at NF 2932.

MERRY CHRISTMAS!!

Nifty settled on a weak note breaking and closing below NS 2922. Bias has turned negative and any upmove would be just pull backs till NS closes above 3056 .For today, the pivot is NF 2952 with resistance at 2972-86 and support at NF 2923-2906. Expect range bound trading today.

SETTLEMENT DAY

Volatility is expected due to expiry day. Nifty broke the channel support of NS2992 and closed below it; however taking next crucial support at 2957 from where a trading bounce can occur. Psychologically speaking, for the first time there had been two days of negative closing since 2nd Dec. For today, the bears will be in control below NF 3015 or NS 2992 with support at NF 2953-2944. Break and close below NS 2936 will clearly turn the trend negative. Bulls will return if NS trades above 3025.