WEEKLY TECHNICALS

Market took support over 4935 and rallied strongly from there. However, 5120-5174 level still hold resistance with weekly pivot at NF 5028 and support at 4974-4910-4860. Its going to be range bound till settlement.

CORRECTION FROM OVERBOUGHT ZONE

From Diwali Muharat, we had 11 days of fall and then 11 days of rise. Time wise,period has elapsed. Today's pivot is NF 4998 with resistance at 5008-5032 and support around 4960-4935-4910. NF should hold 4860 level for uptrend to continue and strength only over 5042

RANGE BOUND ACTION

Walls of Fear again setting at these level with strong resistance of Diwali Muharat day's low.... May like to consolidate between 4860 and 5100. Today's pivot is 5057-5067 with resistance at 5088-5109.. support in the zone of 5035-5015.

STRONG RESISTANCE ZONE

Only close over NS 5060 will turn the short term trend.. Today's pivot is NF 4968 with resistance around 4996-5024 and support in the range 4942-4914. Range for next few days is 4980-4939-4874-4840. Bullish over 4980 and bearish below 4840.

MOVING FROM STRENGTH TO STRENGTH

NF took support exactly at 4868 and moved fast once it crossed 4926. Though psychological 5000 level has been achieved with final resistance in zone of 5028-5057. Today's pivot is NF 4968-4972 and it has to trade over 5000 for bullish move. Support lies around 4952-4928.

SUPPLY ZONE

The supply zone is between 4930-5040. Nifty has already achieved target of 4930 which i had been writing before. For Upmove, it has to sustain over 4834. Today's pivot is NF 4890-4900 with strength picking up over 4915-4926. ..weakness below NF 4868 for 4845-4832.

MARKET TO CONSOLIDATE

Weekly Pivot is NF 4721 for target 4881-4911 though it is a resistance zone... support lies around 4662-4607. For today, the pivot is NF 4796 with strength picking up only over 4819 and weakness below 4775. Nifty may consolidate between 4740-4850 before the next move.

RECOVERY TO CONTINUE

Market has bounced back from oversold mode with daily charts also turning positive. ...aiming towards monthly S/R of 4856 and then 4930 zone. Today's pivot is Nf 4721 for target 4828 and resistance around 4854-4879. Now, weakness will be only if it trades below 4675.

SHORT COVERING RALLY

Nifty bounced back after taking support on the Island Gap.... this support should hold for all future upmove. Today's pivot and support in the zone 4662-4676 with resistance around 4724-4748. Weakness below 4648-4640.

CRUCIAL SUPPORT BROKEN

Very crucial level was NS 4740 creating panic and more shorts. Any bounce back can be till 4930 as we are in oversold territory in daily charts. Weekly pivot is at NF 4814 with resistance at 4937 and support at 4586. For today, the pivot and resistance is NF 4752-64 with support at 4642-4623 . strength only over NF 4792