MARKET UNDECIDED...

One day up and one day down... no trend is being formed. Today's pivot is NF 2766 with support at 2735-2706-2677 and resistance at 2795. Bearish below NF 2823 . For upmove NF should trade over 2781.

SIDEWAYS TREND

Nifty is moving sideways with a bullish outlook. Today with Asian market being negative... soft opening expected. Toady's pivot is Nf 2837 with resistance at 2898-2929 and support at 2828-2808. Bearish below Nf 2797. For upmove NS should trade above NS 2803 and preferably 2825.

CONSOLIDATION

Market is in a consolidation mood and trading sideways with no major upmove or downmove. Today's pivot is NF 2819 with resistance at 2843-2866 and support at 2769-2742. Support for this wave is NS 2792-2765-2742-2708. Breakdown below 2678.

NEARING SUPPORT LEVELS...

Nifty charts are showing positive divergence and could give some bounce . Today's pivot is Nf 2691 with resistance at 2708-2724 and support at 2675-2659. NF has to trade over 2712 for target of 2744-2759 and will be weak below 2679. However, it is making lower highs and lower lows daily..... yesterday's high of NS 2744 needs to be crossed decisively and should not break 2700.

BREAKING SUPPORTS

Crucial support of 2700 broken intraday though it managed to close over it in weighted close....... still requiring attention. Nifty Future has to trade over 2720 for resistance at 2743-2763-2773 with support at 2658-2630. Today's Reliance results hold the key..... watch 1146-1183.

THUMBS DOWN..

Market again in a sell mode, not caring for Mr Obama. Pivot for today is Nf 2767 with resistance at 2790-2805 and support at NF 2746-2713. Bearishness will continue till NS 2810 is not crossed. Its important for NS 2700 to hold for some uprally.

RALLY FROM OVERSOLD ZONE

Bulls having managed NS 2700 have to try hard to maintain above NS 2812 for bullishness to continue. Today's pivot is NF 2791 with support at NF 2762 and resistance at NF 2841-2867 and final resistance of NF 2924- 2940 for this wave.

CHOPPY TRADES AHEAD....

Gap down yesterday saw some selective buying....Today looks like a day of consolidation and pause. Nifty Future has left a gap of 2748-2755 which is very important to watch.. Today's pivot is NF 2713 with resistance at 2732-2755-2784 and support at 2692-2672. For any upmove, NF has to stay over 2729 and is weak below 2697.

SHORT COVERING RALLY

Yesterday rally from oversold zone was further fuelled by short covering over 2800 ; but with U.S. markets being highly negative... the upward rally seems to fizzle out. Watch NS 2800-2700 for bullish and bearish indicator. Today's pivot is NF 2774 with resistance at NF 2797-2831 and support at NF 2720-2668.

OVERSOLD WITH SUSPICION...

Highly oversold in hourly charts with positive divergence..... should see a upward rally for a day or two if able to cross NS 2828. Pivot for today is NF 2737 with resistance at NF 2748-2774 and support at NF 2696-2670. Bullish over NF 2792 which was high of yesterday. Trend is still down.