1. Supports are at about 5779, 5750, 5719
and 5687. Resistances are at about 5821, 5831, 5843 and 5910. Two unfilled gaps
on higher side are at 5855 and 5943. Two likely +WWs give about 5845 and 5908
(other +WWs with higher targets are not mentioned as of now). Four likely -WWs
give about 5802 (once below 5842, which is yet to be reached), 5796, 5768 and
5702 (once below 5748) (-WWs with much lower targets are not mentioned
presently). A bullish flag gives higher levels unless killed below 5775. A
rising channel & wedge seems to have broken down and can give about 5680/75
unless nifty goes up and remains above 5879.
Nifty again rose to close above 5800 and seems headed for higher levels. However,
daily candle is a hammer and a likely morning doji star, a reversal sign.
Reversal will be confirmed if nifty closes well below 5784 (preferably around
5755), particularly after a gap down open. The level of 5879 mentioned above is
very important since if nifty crosses above it this week, the weekly candle
becomes bullish engulfing with +ve div in RSI. 5879/78 is, therefore, line of
fight between bulls and bears. Only global clue and/or liquidity (including
from DIIs) can rescue nifty.
2. Pre-open data suggests a +ve nifty
after a gap down open unless it remains below 5800. PCR up
at 1.0 and VIX at 13.40.
3. Target of first -ww met.
4. AS PER 9.30 STRATEGY, SELL ABOVE
5810NF, TARGET 5786, SL 5840.
5. Considering yesterday's likely morning
doji star candle, it is better to consider SLs a bit above/below yesterday's
high/low of 5850/5813NF for short/long positions. Note that first condition of
reversal has been met i.e. nifty opened gap down.
6. If SL is hit, buy below 5849NF, target
5874, SL 5819.
7. Even though trend is down, yesterday's
low of 5796NS/5813NF is not broken. as of now.
8. SL hit.
9. The moment yesterday's high was
crossed, it shot up.
10. Target of first +ww met.
11. Target of reverse trade of 9.30 strategy
met.
12. The target of bullish flag of the first
post was met.
13. The gap at 5855 mentioned in the first
post was filled today.
14. Nifty opened gap down, remained in a
tight range of about 20 points for four hours and then made a decisive and
sharp upmove. It thus made a higher high and low than those yesterday before
closing strongly +ve (as indicated by the pre-open data) and also above
yesterday's close. The targets of first -ww and +ww as also that of the bullish
flag of the first post were met. However, the SL of 9.30 strategy trade was hit
and the target of reverse trade was met. In addition, the gap at 5855 was
filled. The daily candle is a bullish Marubuzo again.
The intraday chart of nifty spot values with 5 min
candles is shown below.
No comments:
Post a Comment