PAUSE BEFORE BIG MOVE

Nifty did bounce back from its low yesterday but couldnot sustain its gains and ended flat. Expect range bound today with NF 2740-2795 holding the key. Pivot is at 2762 with resistance at 2792-2806 and support at 2740-2720. NF has to sustain over 2784 for upmove .

NEARING SUPPORT LEVEL

Market has reacted sharply and is reaching oversold levels. Today's pivot is 2768 with resistance at 2774-2793 and support at 2735-2717. Trading strategy for today should be to cover shorts around 2717-2735 or keep trailing stop loss of NF 2762 as we can see exhaustion of selling today and can see bounce to 2840 level though the trend has turned down. Support is NS 2728.

DAMP SQUIB

Nifty broke the crucial level 2882 to take support at 2840. Today's pivot is NF 2859 with support at 2803-2775. Strength will come only over NS 2882. Watch level NS 2800-2780 for support.

BUDGET EXPECTATIONS

Nifty did break out its previous low but not sensex... so, we are still in consolidation phase. We are near major resistances and some of the oscillators are giving negative divergence. NS 2882 still holds the key. NF must trade over 2912 for the upmove. Today's pivot is NF 2948 with resistance at 2960-2973 and support at 2932-2920. Bearish below NF 2920. Expect some volatility today.

CONSOLIDATION WITH IN RANGE

Nifty traded in range ; yet protecting the crucial support NS 2882. For upmove to start, NF has to trade over 2927-2934. The pivot for this wave is NF 2893 with resistance at 2913-2934 and support at 2884-2872. NF looks bullish over 2905 and bearish below 2888. Everybody is waiting for budget.....

CONSOLIDATION AFTER BREAK OUT

Inspite of weak global cues, Bulls managed to show strength and protect the first support of NS 2882. NS 2840 has to be protected for any upward move. Today's pivot is NF 2911 with resistance at 2943-2961 and support at 2905-2887-2872. Below 2872 we will be weak for 2840 level. Today also Asia is weak which can give some nervousness to bulls if yesterday's low is broken. The target for this wave over NS 2882 is 3060 which is acting as lollipop for traders.

REACTION FROM OVERBOUGHT ZONE

Nifty reacted sharply from overbought zone in hourly charts. Today's bullish level is NF 2918 with strong resistance at 2948 and support at 2888-2841-2788. There is strong support at NS 2841-2832. With DOW and Asian markets being negative , we could see a weak market today.

BULLS IN COMMAND

Bulls managed to cross all resistances and closed at the upper end of range. NF has to stay over 2872 for up rally though we are entering over bought zone in hourly charts and can see a reaction. Today's pivot is NF 2882 with strong resistance at 2939-2967 and support at 2884-2856.

BREAKING OUT FROM FLAT RANGE

After trading flat for 5 days and supporting NS 2750, nifty is going to check upper end of range which is NS 2881. Today's pivot is NF 2821 with resistance at 2845-2858 and major is 2872. Support exist at 2810- 2774. Nifty future should remain over 2827 for upward rally.

FLAT RANGE TO CONTINUE

Bulls lack buying conviction at higher levels. What needs to be seen is how long this flat pattern will last. Today's pivot is NF 2767 for targets 2786-2807 and support at 2746-2725. Nifty future has to trade over NF 2784 or NS 2800 for upmove.