Decent Correction in Nifty

500 points from high

Lower Level Target

Nifty 4576-4525

BSE - 15356

Major Support

4500-4525 whereas

Trend Reversal

Nifty Future + Bank Nifty + CNX IT:

Nifty Future : Over all selling pressure in the market continue once it was break 4750, On a higher side we may consider resistance 4800, above it will show only power, down side support likely 4600 and 4550. Corrective decline will arrest any where 4500 or below....

Bank Nifty : Once it was broken 9000, weakness continue in the Banking Segment, we may consider resistance are 8800-8900 and support are 7822 on panic to be watch out.

CNX IT : IT sectors are showing strength against the other sector, but it looks that, higher level selling pressure continue and some more down side, time being avoid bottom finishing and play for short side on any rise.

NIFTY :

Today resistance are 4750, down side below 4687, immediate test 4650-4621-4600, whereas some reversal can not be ruled out.... On corrective rally will face a multiple resistance at higher level and selling opportunity, lower level target 4500 + any where.

Short Term Trend : Down
Next Target : 4500
Trend Reversal : 5200 on closing basis.
 

BSE:

Major resistance on rise are 16400, down side as remain below 16000 weakness continue and it will test 15300-15200 whereas the strong support and decent rally likely from that level.

Short Term Trend : Down
Next Target : 15300
Trend Reversal : 16400

Dow :
Down side support are 9500, hold 10000, it will test 10250-10400-10500 or above. Key short term support are 9800 to be closely watch out, below short term trend will be down.

RELIANCE:

Panic to be watch out 1923 are a excellent support and on Friday our target achieved, Higher level resistance are 1975-1980 is a major resistance. Today watch the support level 1900, below further weakness. Major support at lower level are 1800.

ONGC:

Weakness continue, we may consider resistance above 1200, close below 1130 another round of panic and it will test 1000,950 in short term.

NTPC:

Short term support broken and selling opportunity.... We ma consider resistance are 220, below it will test 205, thereafter free fall.

LANCO :

Hot sell target 450 + in coming days.

HCC:

Down side major weekly support 103. Below 130 do not hold your long position

HINDALCO:

On rise sell with stop loss 134, below 117, selling pressure will be aggrevated

BANK OF INDIA:

Our target are 302..........

IDFC

On selling stop loss 155... Today support are 145.... Decisively break, will further weakness. Looks hot.

FSL

Trading Range 32 to 38 to closely watch