OVERSOLD WITH SUSPICION...

Highly oversold in hourly charts with positive divergence..... should see a upward rally for a day or two if able to cross NS 2828. Pivot for today is NF 2737 with resistance at NF 2748-2774 and support at NF 2696-2670. Bullish over NF 2792 which was high of yesterday. Trend is still down.

INFOSYS RESULT

Lets see how the market reacts to Infosys result.... we are going into oversold in hourly charts. Today's pivot is NF 2776 with resistance at 2784-2817 and support at 2683-2675.For any upmove nifty has to stay over NS 2810.

HAS THE DOWNTREND STARTED????

Market did held on to support of NS 2800 but has made a signature by breaking the low of NS 2812 by 2 pts... If 2810 breaks again, then we are in trouble. Expect weakness till afternoon... Nifty will show strength over NF 2897 with pivot at NF 2865 and support at NF 2822. Over NF 2931 expect bullishness and below NF 2795, we can see the downslide.

REVERSAL DAY

Nifty broke heavily from overbought zone .... broke supports and has gone in down trend. SATYAM's news was only a reason to correct from highly stretched zone..... its all technicals ...... Today's major resistance is NF 2987 and any upmove if now will be over NF 3063 with support at NF 2842 and 2767.

STILL MORE TO GO...

Nifty corrected in overbought market in hourly charts but the daily and weekly suggesting some more upmove. Trend is bullish as long as NF stays over 3112 with todays resistance at NF 3159- 3199. NS 3160 is the next MAJOR hurdle which needs to be overcome. Support lies at NF 3086-3063.

UPTREND CONTINUES...

Nifty overcame resistance in late afternoon though we are going into overbought zone in hourly charts . This may give a soft start today and lead to profit booking. Today's pivot is NF 3109 with resistance at 3142-3162 and support at 3072-3037. Watch Reliance which has led the rally in last two days.

FISCAL POLICY

Market has already rallied in anticipation of fiscal policy and is close to resistance of NS 3091. For today the trading pivot is NF 3056 with resistance at NF 3073-3091 and support at NF 3035-3016. Nifty has to trade over NF 3086 for upward momentum to continue.

NEW YEAR 2009

Wishing all my readers of this blog ..... A very Happy & Prosperous 2009 and hope the only way to go from here, is UP...UP... and UP.

BULLISH PATTERN

Nifty has made a bullish pattern with target of NS 3110 as long as we hold above NS 2960. However, break of NS 2900 will nullify this pattern. We are very close to resistance of NS 3045 which is also 50 EMA with support at 2920 (20 EMA). For 31st Dec (wednesday), nifty future bullish over 2957 with target of 3017-3047 and support at 2927.

SHORT COVERING RALLY

Nifty took support in 2800 zone and bounced quite hard which was then followed by short covering rally. Bulls will like to protect this area whereas profit taking will be seen around 3050 level. For Tuesday(30th Dec,08), the pivot is NF 2900 with resistance at NF 2973-3010-3035 and support at NF 2863- 2854 from where short covering started.