RELIANCE ON FIRE

Only one stock is pulling the market. Today being the settlement day... watch Reliance .... market will turn according to Reliance as shorts are trapped in Reliance. Market is strong as long as it trades over NS 2945-2950. NF pivot is 2963-2967 for target 3003-3023 and support at 2943. Breakout again over 3023 where shorts if any will be covered... till then the range is NS 3020-2887. Expect volatility today.

CONSOLIDATION AFTER BIG MOVE

Was it a reversal day ?? with open to close as negative. But looking at Bulls sentiment.. one more attempt can be made on upside as long as nifty spot trades over 2836.. Today may be sideways with support at NF 2910-2882. Bulls will try only over Nf 2956-2969 for target 2997. Support for this wave is in zone 2850-2836.

STRONG MOMENTUM..

Yesterday saw Bulls in command with market opening over the break out level. Today we may see slight profit taking after gap up opening. Trading strategy should be to go long over NF 2909-2911 with S.L. at 2881 for target 2967-2996. Over 2996 we may see NF going to 3042.

STILL MORE TO GO

Two consecutive inside days... market has tried to consolidate at this level as indicators were showing bullish divergence. With settlement due this week, shorts are being covered at all dips. Trading strategy should be to go long if sustains over NF 2812 with S.L. 2798 for target 2828-2856. Weakness only below NF 2793 for 2775.

RANGE BOUND

Last two days have seen churning of portfolio.... could it be distribution ...needs to be watched. Till then expect range bound trading. Today's pivot is NF 2791-2785 with support at 2768-2741. For any upmove NF has to trade over 2810-2817. Strong support at NS 2735.

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.