OVERSOLD LEVELS

It was little overdone and now we are in oversold levels in hourly chart. Gap up expected today with profit taking in morning. NF pivot for today is 5014 for target 5032 and resistance at 5059. For upmove, NF should trade over 5042 ( 20SMA). Support lies at 4976-4952. Take care as NF should not break 4952 in close which is a important level. On upside 5072-92 still remains a resistance level.

NEARING SUPPORT

Yesterday, NS 5077 was broken and now we are nearing support level which is around NF 5022-5032.... Beware..... as below it can go all the way to 4988-4952. Pivot for today is NF 5083... strength only over 5092.

PROFIT TAKING

Market looking tired here with profit taking at higher levels though the technical target is to cross the 5300 Island by November end . For this week, the support and Pivot is NF 5076 which should be kept in mind. Today, NF has to trade over 5127 for strength and support lies around 5085. Watch the swing of NS 5077.....

OPTIMISSIM TURNED INTO PESSIMISM

Muhrat trading opened with gap up and closed at the low point of the day sending a message to those who can understand...... For this week , the Pivot is NF 5076 with resistance in the zone of 5208-5247-5296 and support lies around 5066-5005-4988. Nf has to trade over 5146 for strength and will remain weak below 5108.

SAMVAT 2066

Wishing all the readers of this Blog.... A very happy & Prosperous Diwali!!

HAPPY DIWALI !!

Market taking a breather before Diwali. It has come a long way from previous Diwali... low of that day was around 2540 and it never broke that level and moved all the way to 5150 .... Now the crucial support is Nf 5052 for upward move. Today's pivot is NF 5108 with resistance around 5134-5155 and support at 5092-5070. We are definately heading towards the bubble zone which may be 5250-5500 .

DOW SET TO CHEER GLOBAL MARKET

DOW closing over 10000 mark !!! We too will gap up with first resistance on opening around NS 5163-5172. Today's Pivot is 5112 and Nf has to trade over 5144 for upward momentum... support around 5096-5108. With today's momentum, the hourly charts will go in overbought zone and may see profit taking in the afternoon or tomorrow

SHORT COVERING RALLY

Short covering seen in Nifty futures and calls once nifty started trading over 5000 level which now holds the key and is the immediate balancing point. For strength Nf has to trade over 5048- 5068 and preferably 5094 with today's resistance in the zone of 5135-5140 ..... ultimate target still remains 5300+.

WEAKNESS TO STAY

Infosys result.... RIL Bonus... global positivity ... failed to cheer the market . Pivot for this week is Nf 4977 with support in the range 4875-4845 and resistance around 5023. Only close over 5036 can start the upmove.

INFOSYS TO SET THE TREND

Infosys earnings can change the sentiment of the market which is oscillating around 5000 mark since last one week. Pivot for today is NF 5003 with weekly pivot as 5047 acting as resistance.... support lies around 4972-4964-4942 for this wave. Bearish below Nf 4981 and strength over 5020.