CARNAGE

Last 1-2 hrs of trade was nothing short of carnage, all technical levels of support just collapsed..It was unwinding all over specially in last 1 hr..Now What..Below 4550 we head towards the 4400 zone as this correction is now based on 3918 wave and its retracement with todays selling..4730-50 now happens to be the good resistance in coming days..Trade accordingly..cheers..

GOING AHEAD

Markets after the break open again to a global weakness still. Refer to the chart i posted on 24th october..4690 was a tentetive target based on the WAVE start from 4350..Below this We are moving in the territory of the wave which started at 3918..supports lie around 4600 zone for the time being for a pull back of some sort due to oversold positions, after which markets will decide the course of action..Structural change is already there for the 8 month ride up now..weekly S/R is 4810-20 with a range of 4450-5150..enjoy your trades..cheers.

WEEKEND DISCO

Markets did what it does best when FII's go in sell mode..huge selling every rise..as there is no one to support..a time comes when even DIi's also sit aside it seems and there is a free fall ..FII's had been selling stock futures for quite sometime & the first sign of weakness they unloaded the Weak index heavy weights, pushing nifty to those depths that no one was ready to wait for to buy..Panic days provide great opportunity to value pickers ..Hope select picking is being done by people who unwinded at top (I feel bad for guys who kept waiting for 5250-5300, never booked & also did not take 5080 as S/R)..Anyhow its a long weekend , will post some charts during the week to see where we are headed in coming days and weeks..cheers.

GLOBALLY POSITIVE

After 8 days of relentless selling some pull back is there today as expected..What a Mahurat trading...?????4900 zone will remain a strong resistance and 4700 zone the support ..Markets should consolidate in this zone , so trade the zone carefully till there is a breakout/down..trading may be subdued and some unwinding later may be seen due to the long weekend..enjoy the day cheers.

SETTLEMENT BLUE

What a end to october series..Despite calls of 5300 & above settlement ,we settle at monthly support of 4750...We are trying to take supports in this zone to bounce from oversold positions..Shorts should be avoided and select stocks which ppl. like can be bought for a small bounce back next week..Markets deeper support is in the range of 4670 ..resistance will be 4900 zone..from where the breakdown started.enjoy the day cheers.

HUGE JERK

Global markets in huge sell andour markets despite taking supports around 4800 yesterday for bounce back , we follow the global cues and head towards Monthly supports of 4750..The fact is many did not unwind at top waiting for 5300 settlement and those who did will start buying here as prices are much better than chasing tops..4900-30 zone now is a resistance zone as structural damage takes place with todays fall..lets hope this correction halts at 4700 around to consolidate ..Trade accordingly.cheers.

FINDING SUPPORTS.

Markets are moving in tandem with the global markets ,unwinding the excesses in the system.If ppl. visiting my blog remember I was warning from start of the month that sell on rise as this is looking stretched quite a bit..Hope the friends who booked at top can find real value again after the last 2 days of panic..( The speedline chart posted few days back also clearly gave the supports to play..)All sectors have corrected well and value pickers seemed to have nibbled in ...Monthly supports are 4750..lets see if that holds and markets consolidate for a while...to see the bounce back..enjoy the day cheers.

STILL SOFT

Markets yesterday broke the strong multi swing support of 4900-4930 zone to close much below it at weekly supports..Any bounce now will have big resistance in the above zone & markets will try to consolidate in the coming days in maybe 4750-4850..zone to make some move going forward.As there was huge unwinding in the of 4900 PUTS OI , the option sellers got caught on the wrong foot here..Well friends thats what the markets are..excesses done on both side..Cover your shorts today for a small bounce back in NIFTY..enjoy the day cheers..

SELL OUT

Markets seem to be looking for a cue to sell out its overbought positions..& RBI credit policy just about gave it the cue it was seeking to unwind..The fall was so furious that even the 4900 level did not hold..We touched the 50 SMA support zone after a fair bit of stay over it..As we are now oversold a small bounce can be expected anytime..supports are around 4800 and only cross of 4930 will we look towards upside..The weekly target below 5080 was 4854 which got touched today..enjoy the day cheers.

TESTING SUPPORTS

Global cues will make markets test suports in the zone of 4910-30..This has been a slow unwinding of longs w/o any panic or furor..5050 zone now appears to be a strong resistance and good supports again lie deeper at 4830 around zone..4900 should hold in close as HIGHEST OI is at 4900 puts..Trade accodingly ..enjoy the day cheers.

WEAKNESS GALORE...

Markets just about managed to creep up with difficulty and dropped dead much before the resistance zone of 5050-5070...????? We have closed at the low of the day..supports remain in the zone of 4900-4950..break of which can cause some serious unwinding of longs..lets see where this halts as the OI data still suggests settlement over 4900 and below 5000-5100..enjoy the day cheers.

WEEK AHEAD

Markets are stable in asia today morning..We should be looking at 5050 as S/R for this week with a range of 4850-5250. Settlement week will have its own volatality, so trade with care and in the direction..do look at the chart posted during the weekend for supports & turning points..enjoy the Week ..cheers.

MARKETS AHEAD

This is a RAINBOW CHART, showing us the various WAVES it made from its rise from 4350 zone to 5181 zone..The speedlines now show the tentative supports in this correction which has started, which shows that we can dip all the way to 4650 in case we start closing below 4950..Hope this helps all visiting my blog here for trades in the coming days..enjoy the weekend..cheers.
PS: We are looking to add HNI's , large daily traders who are looking for technical & trading advise, kindly do contact us in case you need our services.

TESTING STRENGTH

Markets despite the gap up , moved in a tight range to retest the bottoms ..the volatility was high .. The take away from todays trade is that yesterdays bottom was held and 5050-70 zone remains a strong resistance area..the range seems to be 4950-5050 for a breakout eitherway..will try to post some chart this weekend for path ahead..enjoy the weekend..cheers.

BOUNCE BACK

Yesterdays selling was a bit overdone and markets went in oversold zone. With help of global cues it opens up today to correct yesterdays excesses.5070-80 will be watch area for any move up..Failure to close above this zone , will not augur well for Bulls for resumption of upmove towards new highs of 2009...The OI range of options is still 4900-5100 range watch and trade the range till a decesive breakout takes place..cheers.