BEAR ATTACK.

Yesterday, nifty reacted from the 4550 zone... could it be just profit taking .... For today , the pivot and resistance is NF 4455 with further resistance at 4505. NF weak below 4437 for retest of yesterday's low 4389-4360.

SIDEWAYS TO POSITIVE

Yesterday, NF took support at first level of 4438 and bounced from there and with this the hourly charts also corrected. Today's pivot is 4472 which is also the closing price. As long as it trades in positive territory and over 4493-4512 , bulls are comfortable; support in the range of 4454-4443 and final around 4385-4365. Close over 4540-4550 will be a very bullish signal.

STRONG RESISTANCE ZONE

Final resistance of this wave is NS 4540-4550 and if closes over this then it will target previous high. However, today nifty is likely to remain subdued as we are overbought in hourly charts. Pivot for today is NF 4478-4480 with resistance 4541-4571; below 4473 it can take support in the range 4449-4438 ; 4385-4367. Daily charts are still positive

UPTREND TO CONTINUE

With positive global cues, we have been able to overcome all resistances and able to close over 4382 which is a strong bullish signal. We are now entering resistance zone in the range 4450-4480-4530. Today's pivot is NF 4342-4346 with first resistance in range 4421-4435 and then 4460-4482. Buying at higher levels should be avoided as with today's move we will again be in overbought zone in hourly charts and can see reaction tomorrow. TREND IS UP AS LONG AS WE TRADE OVER 4310

GLOBAL CUES TO ASSIST THE TREND

Yesterday, after minor reaction from overbought zone, NF took support around the pivot level. Today's Pivot is NF 4237 for resistance around 4262-4278. NF has to trade over 4282 for uptrend. Support below pivot level is 4198-4172. Daily charts are still positive.

IMPULSE WAVE

This wave looks like a IMPULSE wave indicating short term bottom is in place as it is gaining strength and overcoming resistance. However, with today's gap up we will be in overbought region in hourly charts and can have reaction. Today's pivot and support is NF 4202 and it has to trade and close over 4274 for momentum to continue. Minor resistance at 4312 with major resistance in zone 4349-4365. Any close below NF 4162 (Bearish) or above 4382 (Bullish) will indicate trend reversal.

BOUNCE BACK FROM OVER SOLD.

With yesterday's Gap up, the daily charts have turned positive. Today's support is NF 4082-4090 for target 4200 in next two days. Today's resistance around NF 4160-4177 and strong over 4182.

INFOSYS RESULT TO CHANGE SENTIMENT

I feel that this wave has made its bottom and bounce back likely to 4154-4200 level likely. Today's pivot is NF 4072 for target 4112-4116. Strong as long as it trades over 4097 for its first target as 4161 depending on global cues. Weakness below NF 4060-4052 with as stop loss for longs.

SHOWING WEAKNESS

Market showing weakness with sell on every rise... watch 13470 on sensex (Gap UP zone) for the support. NF strength only over 4084-4093 with support 4041-4015. UP move only over NF 4117. Will 4000 as psychological hold needs to be seen.

SENTIMENTS CRACKED

With the big fall , there has been structural damage and yesterday nifty failed to cross even 4250 shows there is some more to go...however, we will be entering oversold zone. Today's pivot is NF 4188 with support around 4149-4095 and resistance in the zone of 4212-4233. NF has to trade over 4160-4170 for some strength.