PROFIT TAKING DUE

Short at higher levels for target NF 3081. Break down below NS 3050 for target NF 2974 though the downside target for this wave is NS 2987-2900-2850.

OVERHEATED MARKET

All indicators are giving negative divergence.. The target for this wave could be NS 3138-3178 with strong resistance at 3245 but it can turn anytime. The support is NS 3000-2987-2925. Break of 2925 will reverse the trend. Strategy should be to buy puts at every rise and book profit immediately as there is no sell signal so far. Today's pivot is NF 3059-3067 for target 3105 and resistance at 3128 and support at 3041-3035. Break of NF 3021 can take it 2991.

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.