OVERSOLD

We are oversold in hourly charts which could lead to technical bounce. Today's pivot is NF 4292 with resistance 4306-4347 and support at 4236-4223. NF strong as long as it trades over 4270 and will gain upward momentum only over 4352 and is Weak below 4247. This could be just a recovery day.

JERK DOWN....

Warnings given before of negative divergence and FII's selling stock futures did work and break of NF 4464 led to unwinding of all longs. Today's move could be sideways as we are getting oversold in hourly charts....some recovery is possible. Resistance at NF 4389-4407 with support around NF 4317-4298. NF has to trade over 4464 for any upmove..... till then sell on rallies.

NEGATIVE BIAS TO CONTINUE....

Nifty has already broken trend line and inspite of bounce back , it stayed below the trend line. For today, Nifty has to trade over NS 4550 for strength . Today's pivot is NF 4503 with strength over NF4498 and weakness below 4482 for 4464 .... breakdown below 4464.

WEAKNESS TO CONTINUE

Continuous profit taking and weak Asian clues.... market expected to gap down with support around NF 4464-4428-4412. Also 4412 is the first weekly support from where bounce is expected to 4500 level.... Today's pivot is 4531-4536. Strength only over NF 4536.

PROFIT TAKING TO CONTINUE

The daily and hourly charts showing negative divergence.... market expected to trickle down.. take pause. Weekly pivot is NF 4557 with 4678 as strength test and 4497 as weakness point. For today the strength will be only if NF trades over 4625 with support at 4552-4516. Could it be a top formation as this is becoming a strong supply zone .... only break of 4450-4361 will decide.... till then trade the range.

CONSOLIDATION

Market is looking tired at these levels after achieving the target of 4648. Caution required in buying at higher levels . May remain range bound. Today's pivot is NF 4638 with resistance at 4668 -4691 and support at 4818-4594. Strong over NS 4659 and weak below 4612 and break of yesterday's low can take it to 4550-4540

TARGET ACHIEVED

Nifty finally achieved its target of NS 4648 which is a very important achievement and closed over it. For upmove it has to trade over NS 4586-4611 and only resistance is in zone of 4750-4800. Today's pivot is NF 4646-4650 and cross of 4693 can take it to 4711-4725; support around 4629 and further at 4597. Market may like to consolidate around this level after major upmove.. so strategy should be to buy at low's or short at high point.

STRONG PULL BACK

Yesterday NF took support at the first level of 4381 and bounced sharply from there and cross of 4455-84 led to sharp covering by bears and nifty is now back in strong hands. FII's bought equity however they are selling stock futures giving a mixed signal.....may be Consolidation at this level with positive bias. Till then play the levels as over NF 4519-4586-4654-4722. Weakness below NF 4523-4502. Today's resistance is 4602-4627 and is strong as long as it trades over NF 4562

BREAK OF CRUCIAL SUPPORT

Yesterday ,nifty broke the crucial support of double bottom formed at 4451 and gave a strong sell signal. Now for any bounce 4451-4475 will be strong resistance for any bounce back. Today's pivot and resistance is 4483-93 with support in the zone of 4381-4328 from where a technical bounce is possible....

WEEKLY TECHNICALS

Last week, Nifty traded in range of 200points, so the weekly range will play an important part in the psychology of traders. Pivot for this week is NF 4561 for target 4646-4675 with break out over 4715. Weakness will continue as long as NF trades below 4537 and break down below 4484-4475. Remember strong resistance of NS 3648 (sensex 15580) and support of double bottom at 4451-4453