DANGEROUSLY OVERHEATED MARKET

Market has just being going in one direction and according to me it can give a big jerk down between 8th and 17th April.... daily RSI is around 80 and one or two days rally is possible from here. Today's pivot is NF 3204 for target 3254-3285-3314. Weakness below NF 3169-3140.

DIRECTIONLESS MARKET

Market has no mind of its own and is trading after taking global cues. Its best to trade light at this stage and play the break out. Today's strength is only over NF 3021 for 3034-3052 and break out over 3054 while weakness will remain till it trades below 2998 with bearish break out below 2980-2972. Daily charts are overbought whereas weekly charts are showing some more upside scope.

CONSOLIDATION AT THIS LEVEL

Market taking cues from Asia and ignoring Dow likely to trade positive today. One can go long around NF 2991 with S.L. 2972 for target 3014-3026. Nf has to trade over 3026 for any strength upto 3041-3063. Below NS 3050-3060 market likely to remain weak and it that case this could be just a retracement of yesterday's move.

PROFIT TAKING DUE

Short at higher levels for target NF 3081. Break down below NS 3050 for target NF 2974 though the downside target for this wave is NS 2987-2900-2850.

OVERHEATED MARKET

All indicators are giving negative divergence.. The target for this wave could be NS 3138-3178 with strong resistance at 3245 but it can turn anytime. The support is NS 3000-2987-2925. Break of 2925 will reverse the trend. Strategy should be to buy puts at every rise and book profit immediately as there is no sell signal so far. Today's pivot is NF 3059-3067 for target 3105 and resistance at 3128 and support at 3041-3035. Break of NF 3021 can take it 2991.

RELIANCE ON FIRE

Only one stock is pulling the market. Today being the settlement day... watch Reliance .... market will turn according to Reliance as shorts are trapped in Reliance. Market is strong as long as it trades over NS 2945-2950. NF pivot is 2963-2967 for target 3003-3023 and support at 2943. Breakout again over 3023 where shorts if any will be covered... till then the range is NS 3020-2887. Expect volatility today.

CONSOLIDATION AFTER BIG MOVE

Was it a reversal day ?? with open to close as negative. But looking at Bulls sentiment.. one more attempt can be made on upside as long as nifty spot trades over 2836.. Today may be sideways with support at NF 2910-2882. Bulls will try only over Nf 2956-2969 for target 2997. Support for this wave is in zone 2850-2836.

STRONG MOMENTUM..

Yesterday saw Bulls in command with market opening over the break out level. Today we may see slight profit taking after gap up opening. Trading strategy should be to go long over NF 2909-2911 with S.L. at 2881 for target 2967-2996. Over 2996 we may see NF going to 3042.

STILL MORE TO GO

Two consecutive inside days... market has tried to consolidate at this level as indicators were showing bullish divergence. With settlement due this week, shorts are being covered at all dips. Trading strategy should be to go long if sustains over NF 2812 with S.L. 2798 for target 2828-2856. Weakness only below NF 2793 for 2775.

RANGE BOUND

Last two days have seen churning of portfolio.... could it be distribution ...needs to be watched. Till then expect range bound trading. Today's pivot is NF 2791-2785 with support at 2768-2741. For any upmove NF has to trade over 2810-2817. Strong support at NS 2735.