SWING BOTH SIDES BEFORE THE EVENT

Range bound action to continue between 4250-4400. Today's pivot is NF 4315 for target 4373 -4382 and resistance 4408-4412. ... Support in the range 4304-4270. Upmove only if NF sustains over 4305 with long breakout over 4415

PRE BUDGET BLUES???

Was it the Pre Budget blues which led to long unwinding yesterday or technically beginning of second leg of correction will be clear if we trade below 4250-4220. From 2nd July, one of the star is turning which was responsible for bearish June. Today's pivot and resistance is NF 4330-4339 with support in the range of 4273-4240. NS should remain over 4320 for any upmove.

PRE BUDGET RALLY

On Friday, NS managed to stay over 5 SMA and rallied from there ....followed by short covering over NS 4339 . Daily charts are positive whereas weekly still showing negativity. Today's pivot and support is NF 4346 for resistance at 4423-4434-4461 (20 SMA at 4446). Weakness below 4329-4308 for this rally.

BEARS HAD THEIR MIGHT.....

Negative settlement yesterday was truly a bearish signature after a strong bull rally of over three months.We are right now in the 4200-4300 range with 5 Sma around 4265. Today's pivot is 4287-4293 for resistance around 4327-4335. Nf has to trade over 4305 for strength and preferably over 4335 . Support in the range of 4226-4192 for next few days. Gap up opening today may invite shorts.

Settlement Day

Month of june had been bearish and now we can see recovery from the lows with 4350-4415 as resistance zone. For today, NF has to trade over 4268-4280 and preferably close over 4350 for strength. Resistance around NF 4333-4360. Expect range bound with volatility with support around 4242-4250.

RANGE BOUND BETWEEN 4200-4300

Sideways move expected pre expiry of F&O. Yesterday's recovery was led by Reliance & ONGC. Today's pivot as well as balancing range between bulls n bears for next few days is NF 4221-4235. So far gap up opening leads to creation of shorts . Today's resistance is 4285-4314 with support at 4215-4182. Watch NS range 4282-4214 .. with strength as long as NF trades over 4252.

RELIANCE IN FREE FALL MODE

Reliance has been dragging the markets down and yesterday it broke important support of 1978. Weakness to continue till 30th june with next support 4090-3950. ... some bounce likely as long as 4100 holds. Today's pivot as well as strong resistance is NF 4272 with support 4164-4128. NF will gain strength if trades over 4205

OVERSOLD

We are oversold in hourly charts which could lead to technical bounce. Today's pivot is NF 4292 with resistance 4306-4347 and support at 4236-4223. NF strong as long as it trades over 4270 and will gain upward momentum only over 4352 and is Weak below 4247. This could be just a recovery day.

JERK DOWN....

Warnings given before of negative divergence and FII's selling stock futures did work and break of NF 4464 led to unwinding of all longs. Today's move could be sideways as we are getting oversold in hourly charts....some recovery is possible. Resistance at NF 4389-4407 with support around NF 4317-4298. NF has to trade over 4464 for any upmove..... till then sell on rallies.

NEGATIVE BIAS TO CONTINUE....

Nifty has already broken trend line and inspite of bounce back , it stayed below the trend line. For today, Nifty has to trade over NS 4550 for strength . Today's pivot is NF 4503 with strength over NF4498 and weakness below 4482 for 4464 .... breakdown below 4464.