We expect these to be completed for a rally

Pending Downside Immediate Targets.  Price should reach the zone  i.e. achieve one of the values atleast.

Nifty Future 
6030-6023-6003

Bank Nifty Future
10402-10334-10280

Bank Nifty Spot
10500-10444-10398

Nifty Spot

Today's data doesn't show big optimism but Nifty is badly oversold (Crawling Oscillators).  It seems we may have another trading day ahead tomorrow, similar to the last few days. Let us see how it pans out tomorrow. Shorting is not advisable here but may be in rallies it will have to be sold. 5950-5970 is big time support as the inverted Head and shoulder neckline.  Close to 5950-5970 Nifty buying will be better for a sharp rally.  Let us see how market pans out. More on tomorrow morning.

 See Crawling Oscillators

Let us recap the inverted head & shoulder we had between Sep-Oct 2013

Nifty and Banknifty EOD status

A pause may happen and a sharp pullback possible.  6000 is a big support as of now based on options data and osc's are big time oversold. 1/2 days rally to the top of the channel expected.  Diametric time over today / tomorrow. IIP data today evening.  We need to watch today's FII / DII data to take a final call.

Nifty, Bank Nifty does the higher range today

Bank Nifty did 340+ points and Nifty 100+ between high and low.

Sensex update

Sensex has filled the daily chart gap.

Based on Complete Options data - Support / Resistance for this Month Expiry as on 12/11/2003

  Entire                Resistance.     Support       Pivot
  Data                        6214            5928      6071

Nifty Spot update

Nifty Spot 6011-6038 should provide some support and bounce even after minor break too. This was a sucker's rally ?

Bank Nifty Spot Head and Shoulder in Hourly Chart ?

Banknifty Spot Targetting 10511/10404/ 10275 / 9950.  Any pullback towards 11000 + is a selling   opportunity

Bank Nifty

Bank Nifty is doing 150-270 points  or 340-400+ Points daily. Keeping these ranges in mind trading has to be done.

Nifty Update

Since Nifty is so oversold if it has to fall it will face sharp rises from time to time from the good support levels.

Nifty Spot

Nifty has chosen to be in 40-70 point band today. 54 points till now

Diametric / Extracting triangle ?

If the Lower low continues after tomorrow will tilt the bias towards Extracting Triangle and in that case the d-leg of the extracting triangle  is just 6 days old as of today. Once confirmed the d-leg may take total 15-22 days (Min) or more to complete with minimum target of 5904.  d-wave is usually the most complex wave of the pattern of an extracting triangle.

Trading strategy for Nifty Spot

Following the Channel and expect a move to the middle or top of the channel whenever an extreme oversold condition is reached and expect a move back to the bottom of the channel whenever middle or top of the channel is reached and the condition is somewhat overbought.  We have to keep doing it till bias changes.

Nifty and Bank Nifty Spot Update - 10 - 10.30 A.M

6132 (Sustaining  above) Short Stop Loss / 6064 (Sustaining Below) Long Stop Loss
                                                       and
10907 (sustaining above) Short Stop Loss / 10716 (Sustaining Below)  Long Stop Loss

Nifty Future

Got First resistance in the 6142-6147 (High 6146.35) Consolidation / Sell Zone mentioned in the Pre-market.

Pre-Market

Trading Market and with downward bias, so trade accordingly. Bias will turn positive with a close above the last day high.  Diametric or extracting triangle should be clear in next 2/3 days. 40-70 or 100-150 has been the range for Nifty.