CONSOLIDATION

Last two days have been range bound trading with only select stocks moving.. RIL,ONGC,Infosys holding the nifty. Daily indicators have almost reached over bought but weekly showing some more room for way up. Caution is the key at these levels .... Today's bullish level is NF 4678-4683 and bearish below 4652-4648 . Only a decisive crossover and close over NF 4715 will decide the uptrend.

STRONG MOMENTUM TIRING OUT...

First weekly target of Nf 4738 almost achieved. Now, the next level to watch is NF 4779-4840 as by that time we will be overbought in hourly charts. For today, the pivot is NF 4682-4686 for target 4747-4759 and resistance around 4779-4786... support now has moved up to 4641-4649. With this move we will retrace 61.8% of the total fall.

MONTHLY TECHNICALS FOR AUGUST SERIES

With the highest closing for this month , Nifty will now be entering strong resistance zone with supply coming at every high level. Monthly cycle suggests August Month to be bearish.

Pivot for this month is NF 4406 with bullishness as long as we sustain over NF 4705 and bearishness below 4565. First Strong resistance around NF 4793-4899 and Support 4320-4210-4134.

For this week, Pivot and support is NF 4563-4576. Bearish below 4612 and bullish over 4662 f0r target 4709-4738 and strong resistance around 4781-4840. Support for this week is 4494-4474 and free fall below 4420.

HIGHEST SETTLEMENT

Nifty closed yesterday at the top end of channel and over which it is confirmed break out. Resistance in range of NF 4631-4643 and as long as it remains over NF 4608 , target for this wave is to surpass previous swing of NS 4693.

WILD SWINGS

Indicators showing bearish divergence inspite of nifty going up led to a big jerk down but Reliance led to recovery. Today , being settlement, the volatility is likely to continue. Trading Channel is 4585-4541-4478-4421. Today's pivot is NF 4500 for target 4555 and resistance 4586; support around 4469-4425 .

INDECISIVENESS

Market hits resistance .... slids down and find support at lower levels. Any side breakout can give a big move.... large caps showing tiredness. The range remains the same as that of last two days with support around NF 4535-4525 and resistance 4586-4605. Nf has to sustain over 4554 for upmove and support at lower levels 4496-4474.

RESISTANCE ZONE

Nifty slid yesterday and will continue doing so as 4550-4670 is a strong supply zone. Strategy should be buying in dips and selling at higher level. Today's pivot is NF 4572 with support at 4552-4530 and resistance at 4594-4624. Weakness below 4542 and strength over 4602. Some of the indicators are giving bearish divergence.

UPWARD BIAS TO CONTINUE

Nifty already closed above its resistance level of 4550 and has to trade over it for upward journey. Today's pivot and support is NF 4552-4557 for target 4598 and resistance 4621-4641. Weak below NF 4530 . This being settlement week trade with caution.

RELIANCE & ONGC RESULT

Markets reaction towards results of two heavy weights to decide the fate of market though we are in the resistance level and staying over that is getting tougher for bulls . As shorts got squeezed yesterday at NF 4555, so it is important to stay over 4555 and preferably 4494 from where upward break out took place in afternoon. Today's pivot and support around NF 4510 for target 4560 and resistance at 4586-4592 level. NF weak below 4485-4472 and strong over 4570.

BEAR ATTACK.

Yesterday, nifty reacted from the 4550 zone... could it be just profit taking .... For today , the pivot and resistance is NF 4455 with further resistance at 4505. NF weak below 4437 for retest of yesterday's low 4389-4360.