GREED...NO FEAR

Bulls are showing more greed with no fear at this level with buying coming at lower levels. Technically, we should see profit taking around this level as the upward momentum is decreasing . Yesterday's pattern can be repeated today. Today's pivot is NF 2795 with resistance at 2812-2824 and support at 2764-2747 levels. Trading strategy should be to take cautious shorts if open higher as NF has to sustain over 2824 for upward move to 2877 which seems to be little difficult . Watch Sensexas it had left a gap at 9210-9320.

RESISTANCE ZONE..

Yesterday,we did see some profit taking but NS 2740 was held from where there could be bounce to NF 2772-2793. According to me, this wave is completed... only move above NS 2805 will negate this point but at the same time this area will offer strong resistance and till NS 2860 will be a supply zone. Today's trading strategy should be to take shorts around 2772-2793 for target 2735. Strength over NF 2762 only. Looks like sideways trading with positive bias as bulls are still active.

OVERSTRETCHED..

Hourly charts are in overstretched zone. Today's trading strategy should be to watch NF 2752 below which it can go to 2729-2692. If stays over 2752 then one can short around NF 2797 as 2820 will be major resistance. NS weak below 2740 and break down comes with break of NS 2700. Asian markets being flat to negative and U.S. markets loosing all the yesterday's intraday gains.. expect profit booking at these levels.

SMART RALLY BY BULLS

Gap Up opening today will invite profit booking today or maximum by tomorrow as we will reaching overbought levels in hourly charts. Today's pivot is NF 2696 for targets 2736-2756 where shorts can be build up as it goes up with S.L. of NS 2809. However, this could be simple profit booking and no major selloff as of now. Support for this wave is NF 2670-2636 and final support at NS 2600.

ON WAY TO RECOVERY

Nervous traders unwinded their long position yesterday afternoon but as i had written recovery is due from oversold levels. Today's pivot is NF 2607 for target 2630-2654. Strongly bullish over 2654 for target 2685. Watch NS 2664 as resistance which if crossed can even take us to 2708-2730 levels. Support lies at NS 2600 or NF 2582 for this wave. Buying in dips should be the strategy now.

DUE FOR RECOVERY

U.S. markets gave a strong rally on 10th though we were closed for two days. We are in oversold zone and are due for recovery. As long as NF trade over 2578 the targets are 2633-2662- 2679. Nf weak below 2563 to test 2533 again. Asian markets being flat, watch the High and Low of NF in first 15-30 minutes. Watch NS 2628 and 2663 as resistance for two days.

RANGE BOUND

With flat to negative Asian cues and next two days hoilidays, market expected to be range bound. Today's major area is NF 2578-2584. Bulls will be active only over 2584 for target 2634 and major resistance at 2642. Below 2578 one can short for 2557-2552. Break of NF 2552-2541 will bring major weakness. Happy Holi !!

REVERSE TURN

Oops! i got it wrong as my mind was full of optimism with positive global cues and Repo rate cut. Morning itself started with sell off in heavy weights like ONGC, RIL, BHEL, NTPC... and nifty tested the level which i was expecting a day earlier. Today's Pivot is NF 2578 for upper targets as 2585-2598 and support at 2529-2501. If it opens low and able to sustain around 2538-2548 then one can try going long with S.L. as NF 2491 which is the monthly support. Shorts should be taken around 2578-2585 levels for lower targets. NF strong over 2589 and strong resistance at 2612 or NS 2610. Boilinger Band daily and weekly supports in range of NS 2555-2528-2488

SHORT COVERING

Nifty moved up swiftly in late afternoon due to short covering. The outlook for today is cautious optimism as long as NF trade over 2620 with Stop loss for all longs at NF 2597 - 2589 for target NF 2645-2656-2662. Major hurdle in zone of NF 2669-2683. NS has to trade over 2709 for upmove.

OVERSOLD ZONE

Hourly charts are moving into oversold. One can play for a bounce back at this level. Today's strategy should be to buy in dip in early morning around NF 2565-2585 for bounce to 2616-2642 levels. If unable to cross and stay over NF 2618 will gather weakness to test 2565-2540 level. Strong over NF 2629. NF has to cross hurdle of 2655-2670 for uptrend to start. Sideways trend expected till we cross resistances. Range for the day is NS 2676-2545.