1. Supports are at about 5631 and 5595
while resistances are at about 5658, 5675 and 5700. Three likely +WWs give
about 5657, 5727 and 5769 (other +WWs with higher targets are not mentioned as
of now). A -ww can give about 5600 (-WWs with much lower targets are not
mentioned presently). Two falling wedges can give about 5770/5853/5945 in case
of a BO above 5604/5655.
Nifty recovered a bit but closed below 5650 again, threatening to go down
more. But, nifty seems to have taken support from 200 sma and there is a +ve
div on daily chart. As long as nifty doesn't close below 5615, I feel nifty
will go up in short term. Only global clue and/or liquidity (including from
DIIs) can take nifty further up. Volatility will continue to be high as expiry
and year end approaches.
2. PCR up at 0.81 and VIX down at 15.80.
Pre-open data suggests +ve nifty after a slight gap up open unless it remains
below 5640.
3. AS PER 9.30 STRATEGY, SELL ABOVE
5623NF, TARGET 5593, SL 5653.
4. If SL is hit, buy below 5647NF, target
5678, SL 5617.
5. Target of -ww considered met.
6. Target of first +ww met.
7. SL of 9.30 strategy was hit and target
of reverse trade met.
8. Nifty opened flat, went down to make a
lower low and then remained within a range of about 35 for for about 5 hours.
But it rose sharply late in the afternoon to make a higher high than yesterday
before closing +ve (as indicated by the pre-open data) and also above
yesterday's close. The targets of -ww and the first +ww of the first post were
met. However, SL of 9.30 strategy trade was hit and target of reverse trade was
met. The daily candle is merely bullish but the weekly candle is a hammer, the
monthly candle is an inverted hammer while the yearly candle is like a Doji.
The intraday chart of nifty spot values with 5 min
candles is shown below.
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