1. Supports are at about 5534,
5525, 5502 and 5409 while resistances are at about 5560, 5580, 5618, 5646 and
5688. Two likely +WWs give about 5566 (once above 5534) and 5653 (once above
5599) (other +WWs with higher targets are not mentioned as of now). A likely
-WW gives about 5494 (-WWs with much lower targets are not mentioned
presently). Two falling wedges and a channel can give about 5643/5734/45 if
nifty breaks out above 5557.
Nifty fell again and just managed to close
above 5550, thereby hinting at further bearishness. However, +ve div still
persists on daily chart. Also, the daily candle is a likely morning star, a
possible reversal sign. For confirmation of a reversal, nifty must close above
5608, preferably with a gap up open. Only global cues and/or liquidity
(including from DIIs) can save nifty.
2. PCR down
at 0.81 and VIX up at 16.16. Pre-open data suggests a -ve
nifty after a flattish open unless it remains above 5675.
3. AS PER
9.30 STRATEGY, BUY BELOW 5542NF, TARGET 5592, SL 5512.
4. Target of
first +ww was met.
5. Nifty
opened flat, made a lower high and higher low (though nifty fut made a lower
low) than those on Friday and closed -ve (as indicated by the pre-open data)
and also below Friday's close. But the target of 9.30 strategy trade was not
met as the total range was only about 32 points. The daily candle is an
inverted hammer.
The intraday chart of nifty spot values with 5 min candles is shown below.
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