GLOBAL MARKET TUMBLES

India too participated in the global sell off breaking all supports and testing the previous low. By today's selling, hourly charts will be in oversold. Pivot for today is NF 4412 with support around 4333-4319-4293. For strength NF has to trade over 4454. Break of previous lows can take us to 4200 levels in coming days.

RANGE BOUND

Nifty is expected to be range bound as long as NS 4430 is maintained. Weekly S/R is NF 4516 and first support around 4409-4425 with resistance in range of 4650-4682. Watch Gap up zone in sensex 15213-15055.
Today is the gap down day with support around NF 4521-4489. ... strength only over NF 4579

BULLS BACK AGAIN

Bulls showed their strength by retaining the gains of the gap up and surpassing all resistances. Today could be day of consolidation after a strong upmove. Pivot and support for the day is NF 4582-86 with resistance around 4641-4652. FII's turned buyers yesterday and market breadth was excellent.... daily indicators turning positive. For rally to stay positive NF has to stay over 4510 and preferably 4542-52.

REVERSAL DAY

Yesterday, Nifty gave a false break down but reversed immediately trapping the shorts. Now, the trading range is 4417-4484-4551. Swings to overcome is 4510 and 4560 . For today the pivot and major support is NF 4426 and has to trade over 4494 and preferably 4528 for strength and momentum to continue. Only major concern is FII's were still sellers in yesterday,s trade. With strong global cues, Nifty likely to open with gap up .... but will that sustain is to be seen....

SUPPORT UNDER THREAT

Yesterday, the support was held and could rally till NF 4515. With the Asian markets showing negativity, the monthly pivot of NF 4400 may be under threat. Watch NS 4380... break of that will call for more shorts as next weekly support is around 4335-4294. Today's pivot is NF 4459 with support around 4400-4382. NF has to trade over 4426 for any upmove. Strength only over NF 4497. Daily indicators are still negative.

SWINE FLU & DRAUGHT FEARS.......

Yesterday , NS 4420 was broken in last hours of trade.... Next level to watch is NS 4380. For today, if we trade over NF 4382 then we can target 4454- 4470 and strength coming only over 4514 Break of 4382 has support in the zone 4338-4326. Daily indicators are still negative... Any upmove will be just a bounce...

WEEKLY TECHNICALS

Last week, Nifty Future could not stay over 4715 and corrected upto 4465 which is also 20 DMA. Daily RSI is around 50 which is a neutral zone and bounce can take place. For this week, the pivot and first resistance is NF 4554-4559. NF has to stay over 4560 for first target 4627-4652. However, it is weak if trades below 4505 for retest of lows...or support around 4408-4387. Caution advised on break of NS 4420 as it will lead to further unwinding by bulls. Monthly pivot is NF 4406.

JERK DOWN

Overbought in Daily charts and inability to stay over 4715 led to market reversal. Now, the resistance is Nf 4620-4628 with support in the zone 4532-4474. Market likely to be subdued till 12th August due to NHPC IPO which opens today. Daily charts are negative while weekly indicators still positive. Monthly Pivot is NF 4400-4420.

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.