CHURNING OF PORTFOLIO

Market is correcting while staying within the same range with churning of portfolio. Today's pivot is 3667-3670 with target of 3699-3715; support at 3651-3632. Range bound expected. As long as nifty spot remains over 3615 there is strength.

BANK's STRESS TEST

U.S. rallied before the stress test and so are Asian Markets doing today. 38% of 6357-2250 is 3820 which is the target for this wave. Nifty is holding the Gap up level around 3610 and we can see upward movement as long as this level holds. Today's pivot is NF 3659-3663 for target 3694-3704 and cross over of yesterday's high can take the rally to 3790-3810 zone. Support at 3640-3608.

CONSOLIDATION

Consolidation to continue around this level though we are overbought in hourly charts. Today's pivot is Nf 3661 for targets 3685-3703 and resistance at 3726 ; Support lies at 3646-3626 and further down at 3592. Buy at lower levels and short at higher levels for intraday.

Pre election rally continues

Nifty broke out of its zone by a huge gap up. Now the supports for the rally will be 3510-3520. Today's pivot is nf 3644 for target 3676-3694-3709 and support at 3623. Weakness below 3623. Expect profit taking around 3720 levels which is the first resistance of this month.

SHOWING STRENGTH

On settlement day, nifty zoomed after crossing the strength test level and closed over it showing more strength for next level of NS 3640-3648 as long as it trades over the congestion zone of 3450. Today's pivot is NF 3457 for targets 3522-3562 and 3627. NF has to close over 3541 for more upside. Today's Gap up will be the fourth gap starting from 2539 which will definitely be closed in this month.... Trade carefully..

SETTLEMENT DAY

Market yesterday again took support at the lower part of the zone 3350-3450 from where bounce is likely. Today being settlement day with 3400 CE /PE being written off expect settlement around this area. Pivot for today is NF 3384-3386 for resistance at 3407-3417 and strong resistance at 3442 which will act as strength test. Support remains at yesterday's low.

CONGESTION ZONE

Range 3350-3450 is the congestion zone with 3500 as resistance..nifty spot has to trade over 3400 for positive bias. Today's pivot is NF 3462 for resistance at 3494-3521 and support at 3439-3411. Bullish over NF3479 and bearish below 3461. Trade carefully till the range breaks out.

SHORT COVERING RALLY

Looks like the market is in strong hands and the short covering rally over 3401 took the market away from bear's grip. Market strong as long as NF trades over 3384- 3392 for target 3465 and strong resistance at 3499.However, break of 3362-52 will bring the weakness back. Right now, the trend is not clear till we break the range 3500-3300 on closing basis.

BEARS MAKING A COME BACK

Market likely to trade sideways with downward bias. Strength will be only if it trades over NF 3346 for target 3360 and 3383 as strength test. Weak below NF 3338 -3327 for lower levels 3293-3269.

STUCK IN RANGE..

Nifty is making lower tops and lower bottoms but there is no major selling. Its still falling with bullish tendency. Between 3300-3500 range lies 3350-3450 i.e., bearish below 3350 and will be bullish over 3450... till then play this range. Today's pivot is NF 3370 with resistance at 3395-3424 and support at 3340-3308. One can buy at lower level or short at higher level. At this point puts below 3300 and calls above 3400 are being written off.