STRONG RESISTANCE AT NS 3648

Shorts got squeezed badly.... first time in history to have closed on upper circuit. Now S/R for this mkt is NF 4250-4280 where the shorts were covered after first circuit opening. For the market to have strength it should trade over NF 4470-4570 today. I personally was flat before the event and will let the exuberance settle down before taking any trade as the market is too overstretched.

CHEERS TO UPA...

Market to gap up... with minor profit taking ... Strong as long as it trades over NF 3715 for times to come. No levels is relevant today over NF 3789-38237-3952. Enjoy the day....

NEUTRAL OUTLOOK PRE ELECTION RESULT

Ahead of important event, market is poised to give a big move either side... 3500 /3700. Today could be range bound with positive outlook over NF 3596 for target 3627-3650. Bullish only over 3652 and bearish below 3580.

VOLATILITY TO STAY AHEAD OF ELECTION RESULT

What a U turn yesterday... beyond expectations. Trend has again turned up as long as NF trades over 3597. Today's balancing level is 3644 over which bulls will have upper hand for NF 3718-3735-3779. Strong resistance at NF 3788 for this week.

FILLING the GAP area

NF has gap of 3483-3608 which it is trying to fill. Today's balancing pont is NF 3581-3586 below which it can test 3517-3483. NF has to trade over 3592-3598 for strength and will be very strong over 3621. Till 3592..3612 one could just take it as retracement.

RECOVERY DUE

Friday saw profit taking. Market is stuck in two gaps ...Gap up and another Gap down in October... it should fill the Gap up (3600-3478) before filling the gap down. Today's pivot is NF 3642 with resistance at 3659-3677 and 3696 being the strength test.. support lies at 3611-3599.

CHURNING OF PORTFOLIO

Market is correcting while staying within the same range with churning of portfolio. Today's pivot is 3667-3670 with target of 3699-3715; support at 3651-3632. Range bound expected. As long as nifty spot remains over 3615 there is strength.

BANK's STRESS TEST

U.S. rallied before the stress test and so are Asian Markets doing today. 38% of 6357-2250 is 3820 which is the target for this wave. Nifty is holding the Gap up level around 3610 and we can see upward movement as long as this level holds. Today's pivot is NF 3659-3663 for target 3694-3704 and cross over of yesterday's high can take the rally to 3790-3810 zone. Support at 3640-3608.

CONSOLIDATION

Consolidation to continue around this level though we are overbought in hourly charts. Today's pivot is Nf 3661 for targets 3685-3703 and resistance at 3726 ; Support lies at 3646-3626 and further down at 3592. Buy at lower levels and short at higher levels for intraday.

Pre election rally continues

Nifty broke out of its zone by a huge gap up. Now the supports for the rally will be 3510-3520. Today's pivot is nf 3644 for target 3676-3694-3709 and support at 3623. Weakness below 3623. Expect profit taking around 3720 levels which is the first resistance of this month.