INCHING TOWARDS 200dma...

Though Bulls are in command...they seem exhausted running for 200DMA. Previous day, we touched 200 DMA (E) and profit taking. Weekly pivot is NF 3308 for target 3424-3493 and support at 3276-3218. Today's trading strategy should be to keep NF 3358 as stop loss for longs for target 3383-3411 or short below 3354 for target 3328-3300. Long break out over NF 3411 which though looks unlikely. Expected flat to positive day. Over 3411, we have target of 3522-3594.

STRONGLY UPTRENDING..

Unexpected strong rally after gap down opening at the first support level given. Bulls are in command and RSI daily is overbought at 85 ...so is the PCR over 2.0. Target for the wave is 200EMA which is at 3395 or 200SMA at 3445 from where some reaction can come tomorrow.
Today's pivot is NF 3294 with resistance at 3414-3472. Stop and Reverse for the rally now is NF 3221.

GAP DOWN EXPECTED ....

On Monday, profit booking came right on opening and Reliance looking weak. Sensex has left a gap at 10127-9941 orNF 3150-3069 which needs to be filled before it shows any upmove. Gap down expected with 1st support at NF 3150-3160. Break of NF 3140 will take it down to 3050-3060. It will be too early to say that reversal has taken... only break of NS 2960 will define the down trend.

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.