NiftyUpdatesFor12Aug09----InderBhatia

The Indian market opened on flat note and touch yesterday bottom closed with positive note .For coming session 4398 level is important for long if nifty trade below 4398 w can test 4312-4240 zone. On the other side trading above 4484 zone we can test 4509-4534 zones.

NiftyUpdates For 11Aug09-----InderBhatia

The Indian market opened on positive gapup but not able to sustain at higher level and close in red zone .For coming session nifty had close near support zone if nifty trade above 4480 level we can test 4509-4530 on upside .On the lower side trading below 4387 we can test 4269-4242 zone .On hourly chart we are in over sold zone some bounces cannot ruled out .

WeeklyUpdates For10Aug09---InderBhatia

The Indian market opened on gap down on weak global market and close with deep red zone . For coming session if nifty trade below 4461 zones it likely to test 4412-4390 level on down side before any bounces .On the upside 4560-4586 zone will act resistances for the day .

SELL PATELENG BELOW 379 TGT 371>365 STOPLOSS 386.20

SELL BAJAJAUTO BELOW1160 TGT 1137>1099 STOPLOSS 1185

Last week sensex close down 3.3% and nifty fell by 3.34% respectively, saw selling pressure at higher level around 4700 levels and close near 20dma support zone .If nifty close below 4469 level we can test 4414 that is 50 dma and closing below 4300 zones we can drift lower side around 4234-4119 zone .On the upside key level to watch 4560 on closing basis than we can test 4610-4663 zones .On the above daily chart we had shown three top form by nifty but same time rsi had made lower low top that is bearish pattern as shown on chart 1-2-3 that showing clean negative divergences on chart .Friday sell off put indicator turned bearish zone like parabolic-sar ,slow stochastic is coming down. Infact on weekly chart nifty and sensex was approaching the 61.8% Fibonacci retracement level of the entire downturn that zone will act as strong resistances .