Dow Jones Tonight for December 12 - Viral Joshi

Pivot is 8,650 and support is 8,400.

S1 8,550; S2 8,500; S3 8,450; and R1 8,600/8,650; R2 8,700; R3 8,800.

Above 8,600 Dow is positive and below 8,550 Dow is negative.

Nifty Future for December 12 - Viral Joshi

Pivot is 2900 and support is 2800.

S1 2900; S2 2880; S3 2850/2800; and R1 2950; R2 2980; R3 3000/3050;

Buy above 2950 and if it breaks 2980 then 3000 - 3050 - 3080.
Short below 2920 and if it breaks 2900 then 2880 - 2850 - 2800.

Daily moving averages:

5DMA 2827;
20DMA 2748;
50DMA 3065;
200DMA 4223.

Nifty Future for December 12 - Rakesh Chandra

On the hourly basis chart price need to stay in some range. We are trading near on the 3rd up wave and on the upper side profit-booking comes easily.

Selling a call option of 3050 is a safer trade trade idea assuming the price will consolidate for some more hours as the 4th down (consolidation wave) is in progress.

With stoploss 2,938, buy 2,951.63, target >2,973>>3,008>>>3,029.

With stoploss 2,952, short2,938.37 with lower target >2,917>>2,882>>>2,861.

Nifty Update for December 12 - Inder Bhatia

The Indian market ended with marginal loss after a flat opening but recovered from the lower levels. For the coming session if Nifty crossed 2945 it could test 2980-3050. On the lower side 2860 would act as a support zone. We can see choppy trades for the session on the release of IIP data for October 2008. For any longs 2860 level would be a stop-loss.

Dow Jones Tonight for December 11 - Viral Joshi

Pivot is 8,750 and support is 8,650.

S1 8,750; S2 8,720; S3 8,650; and R1 8,780; R2 8,800; R3 8,820/8,850.

Above 8,780 Dow is positive and below 8,750 Dow is negative.

Nifty Future for December 11 - Viral Joshi

Pivot is 2900 and support is 2800.

S1 2900; S2 2880; S3 2850/2800; and R1 2950; R2 2980; R3 3000/3050;

Buy above 2950 and if it breaks 2980 then 3000 - 3050 - 3080.
Short below 2920 and if it breaks 2900 then 2880 - 2850 - 2800.

Daily moving averages:

5DMA 2774;
20DMA 2760;
50DMA 3089;
200DMA 4235.

Nifty Update for December 11 - Inder Bhatia

The Indian market opened gap-up and closed with higher gain. On the daily chart Nifty had given a breakout and closed above 2840 levels. For the coming session we could test 2975-3050 levels. On the lower side 2840 will act as a support zone. Nifty can witness profit-booking near 2975-2980 zone.

Dow Jones Tonight for December 10 - Viral Joshi

Pivot is 8,730 and support is 8,600.

S1 8,680; S2 8,650; S3 8,600; and R1 8,730; R2 8,780; R3 8,800/8,850.

Above 8,730 Dow is positive and below 8,680 Dow is negative.

Nifty Future for December 10 - Viral Joshi

Pivot is 2825 and support is 2700.

S1 2780; S2 2750; S3 2720/2700; and R1 2825; R2 2850; R3 2880/2920;

Buy above 2800 and if it breaks 2825 then 2850 - 2880 - 2920.
Short below 2800 and if it breaks 2780 then 2750 - 2720 - 2700.

Daily moving averages:

5DMA 2720;
20DMA 2762;
50DMA 3113;
200DMA 4245.

ONGC and Elliot Wave Theory - Rakesh Chandra

Elliot Wave Theory (EWT) states the Alternation Rule as

(1) If Wave Two is a simple correction, expect Wave Four to be a complex correction.
(For ONGC wave 1-2 wave is simple).

(2) Triangles commonly occur as fourth waves.
Note the 4th wave triangnle in chart).

(3) Elliott Wave Triangle designates five sub-waves of a triangle as A, B, C, D and E in sequence.
(Note the triangle labeling).

(4) Prices tend to shoot out of the triangle formation in a swift thrust. When triangles occur in the fourth wave, the market thrusts out of the triangle in the same direction as Wave 3.
(Now the large wave 3 has downward ward direction, so the thrust direction will be accordingly, downward)

ONGC Stoploss 660 Short below 646.44. Lower target WLT1> 625>> 591>>> 570.

Nifty Update for December 8 - Inder Bhatia

The Indian market opened on a positive note but was not able to sustain at a higher level, due to strong resistances near 2834; thus the rally fizzled out and the Nifty closed in the red zone.

Hourly: The Nifty has not able to cross 2830 levels and is hovering in range of 2570-2830 levels. For the coming session, if the Nifty crosses 2768 it could test the 2820 zone. Crossing above 2835 it could cross the 2945 zone. On the lower side 2660 would act as a support zone.

Daily: Last week the Nifty fell by 1.48 percent and remained in a narrow range. For the last 3 weeks the Nifty is simply trading in a range of 2500-2834 zone.

On the daily chart the Nifty has closed above the bullish symmetrical triangle, however one should go long only above 2834. On the other hand one should short below 2500 levels.

For the coming session, if Nifty trades above 2778 it will test 2830, and crossing above 2840 it would gain toward 2968-3050. On the lower side, closing below 2669 Nifty could test 2570-2500.

Weekly: Nifty above 2834 could see a good upmove but breaking below 2504 could make the Nifty move further to lower side.

HOT STOCK: BUY LICHSGFIN above 226; TGT 240>255 Stoploss 217.

HOT STOCK: SELL HPCL 223 TGT 216>212 Stoploss 230.

Nifty Future for Week Dec 8-12 - Rakesh Chandra

On a weekly basis we are on a 4th upwave (consolidation wave).

Stoploss 2,696, buy above 2,736, for target 2,802>> 2,908>>> 2,973.

Stoploss 2,736, short below 2,695. for target 2,630>> 2,524>>> 2,459.

On a monthly basis, price is bullish above the monthly pivot point 2,820. Price is bearish below monthly pivot point 2706.