SELLING PRESSURE AT HIGHER LEVELS

Looks like intermediate top of NS 3511 is in place . Today's pivot is NF 3386 with downward target as 3340-3309-3281-3269 and resistance above 3386 as 3408-3433. Any upmove will be over NF 3441. Support for the wave if NS 3300 is broken should be 3240-3187.

CAUTION AT HIGHER LEVELS

Weekly charts have made a doji candle showing indecision at these levels. This week's stop and reverse is NF 3406 with targets as 3488-3595 and supports at 3329-3277-3217. Consolidation can take place between 3240 and 3500. Today's trading strategy should be to buy only if NF sustains above 3421 for target 3461-3489 and short if remains below 3412 with S.L. of 3432 for target 3341-3325. Trend is uncertain as break of NS 3310 will start the correction of wave 2963-3511 formed.

REACTION FROM OVERBOUGHT

Yesterday, for the first time, selling was seen through out the day since the wave started from 2963. As global markets are positive , we may see some positive reaction. Last two days have been long range days. NF has to trade over 3417 for target 3459-3484. Any time break of 3387 will bring weakness all the way.... Maximum target this month is NS 3522-3594 and yesterday we almost achieved first target.

EXTENDED WAVE

I had been analyzing this wave which now i feel is a extended 9 wave formation from NS 2773 to 3417. Only break of NS 3300 will confirm the termination of this wave which can lead to correction upto NS 3103-3070. Today's pivot is NF 3387 with support at 3365-3338. Nf will remain weak below 3376. It has to trade over 3387 for upper target 3417-3443. Market is due for correction.

INCHING TOWARDS 200dma...

Though Bulls are in command...they seem exhausted running for 200DMA. Previous day, we touched 200 DMA (E) and profit taking. Weekly pivot is NF 3308 for target 3424-3493 and support at 3276-3218. Today's trading strategy should be to keep NF 3358 as stop loss for longs for target 3383-3411 or short below 3354 for target 3328-3300. Long break out over NF 3411 which though looks unlikely. Expected flat to positive day. Over 3411, we have target of 3522-3594.

STRONGLY UPTRENDING..

Unexpected strong rally after gap down opening at the first support level given. Bulls are in command and RSI daily is overbought at 85 ...so is the PCR over 2.0. Target for the wave is 200EMA which is at 3395 or 200SMA at 3445 from where some reaction can come tomorrow.
Today's pivot is NF 3294 with resistance at 3414-3472. Stop and Reverse for the rally now is NF 3221.

GAP DOWN EXPECTED ....

On Monday, profit booking came right on opening and Reliance looking weak. Sensex has left a gap at 10127-9941 orNF 3150-3069 which needs to be filled before it shows any upmove. Gap down expected with 1st support at NF 3150-3160. Break of NF 3140 will take it down to 3050-3060. It will be too early to say that reversal has taken... only break of NS 2960 will define the down trend.

DANGEROUSLY OVERHEATED MARKET

Market has just being going in one direction and according to me it can give a big jerk down between 8th and 17th April.... daily RSI is around 80 and one or two days rally is possible from here. Today's pivot is NF 3204 for target 3254-3285-3314. Weakness below NF 3169-3140.

DIRECTIONLESS MARKET

Market has no mind of its own and is trading after taking global cues. Its best to trade light at this stage and play the break out. Today's strength is only over NF 3021 for 3034-3052 and break out over 3054 while weakness will remain till it trades below 2998 with bearish break out below 2980-2972. Daily charts are overbought whereas weekly charts are showing some more upside scope.

CONSOLIDATION AT THIS LEVEL

Market taking cues from Asia and ignoring Dow likely to trade positive today. One can go long around NF 2991 with S.L. 2972 for target 3014-3026. Nf has to trade over 3026 for any strength upto 3041-3063. Below NS 3050-3060 market likely to remain weak and it that case this could be just a retracement of yesterday's move.