WILD SWINGS

Indicators showing bearish divergence inspite of nifty going up led to a big jerk down but Reliance led to recovery. Today , being settlement, the volatility is likely to continue. Trading Channel is 4585-4541-4478-4421. Today's pivot is NF 4500 for target 4555 and resistance 4586; support around 4469-4425 .

INDECISIVENESS

Market hits resistance .... slids down and find support at lower levels. Any side breakout can give a big move.... large caps showing tiredness. The range remains the same as that of last two days with support around NF 4535-4525 and resistance 4586-4605. Nf has to sustain over 4554 for upmove and support at lower levels 4496-4474.

RESISTANCE ZONE

Nifty slid yesterday and will continue doing so as 4550-4670 is a strong supply zone. Strategy should be buying in dips and selling at higher level. Today's pivot is NF 4572 with support at 4552-4530 and resistance at 4594-4624. Weakness below 4542 and strength over 4602. Some of the indicators are giving bearish divergence.

UPWARD BIAS TO CONTINUE

Nifty already closed above its resistance level of 4550 and has to trade over it for upward journey. Today's pivot and support is NF 4552-4557 for target 4598 and resistance 4621-4641. Weak below NF 4530 . This being settlement week trade with caution.

RELIANCE & ONGC RESULT

Markets reaction towards results of two heavy weights to decide the fate of market though we are in the resistance level and staying over that is getting tougher for bulls . As shorts got squeezed yesterday at NF 4555, so it is important to stay over 4555 and preferably 4494 from where upward break out took place in afternoon. Today's pivot and support around NF 4510 for target 4560 and resistance at 4586-4592 level. NF weak below 4485-4472 and strong over 4570.

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.