1. Supports are at about 5670,
5635, and 5595 while resistances are at about 5715 and 5878. Previous higher
levels to watch are 5719, 5758 and 5864. Five likely +WWs give about 5726/30,
5745, 5771 and 5816 (other +WWs with higher targets are not mentioned as of
now). A -ww can give about 5616 (once below 5645) (-WWs with much lower targets
are not mentioned presently). Two falling wedges seem to have broken out and
can give about 5770/5853/5945 unless nifty goes below 5603. A bullish flag
gives higher level unless killed below 5640.
Nifty rose sharply but yet closed below
5700. There is a +ve div on daily chart. Also, daily candle is an imperfect
hammer, weekly candle is a hammer, monthly candle is an inverted hammer and
yearly candle is like a Doji. All these indicate a likely continuation of
bullish trend in short term. As long as nifty doesn't close below 5615, I feel
nifty will go up in short term. However, any upmove is possible only if nifty
takes out 5719. Only global clue and/or liquidity (including from DIIs) can
take nifty further up.
2. PCR at
0.98 and VIX at 15.22. Pre-open data suggests a +ve nifty
after a small gap up open.
3. First 5f
candle is a doji hence expect intraday volatility.
4. AS PER
9.30 STRATEGY, BUY BELOW 5737NF, TARGET 5759, SL 5707.
5. If SL is
hit, sell above 5697NF, target 5673, SL 5727.
6. SL hit.
7. SL of
reverse trade hit. Now long again.
8. Nifty
opened up with a small gap and made a higher high and low than those on
Thursday before closing +ve (as indicated by the pre-open data) and also above
Thursday's close. The SLs on either side trades of 9.30 strategy were hit but
none of the targets were met. The total range was about 45 points. The daily
candle is a likely morning doji star.
The intraday chart of nifty spot values with 5 min
candles is shown below.
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