1. Support is at about 5582 while 5537 is
a level to watch. Resistances are at about 5613 and 5630. Four likely +WWs give
about 5640 (once above 5535), 5658, 5675 (once above 5586) and 5684 (once above
5577) (other +WWs with higher targets are not mentioned as of now). Two -WWs
give about 5535 (once below 5581) and 5528 (once below 5607) (-WWs with much
lower targets are not mentioned presently). A IHnS and a CnH can give abut
5643/5750 upon BO. An AT can give about 5733 upon BO above 5705. Two bullish
flags can give higher level unless killed below 5567/5520.
Nifty rose again but closed below 5600, thereby giving some hope to bulls.
But, overall bearishness is not over yet. However, a mild +ve div has appeared
on weekly chart. The daily candle is a hanging man but it's not at the top of
an uptrend and hence may not be a bearish sign. For continuation of uptrend,
nifty must cross 5650 but for a rally to start, it must close above 5750. Volatility
will continue to be high. Trade carefully as IIP nos. will be announced on
Friday. Only global cues and/or liquidity (including from DIIs) can save nifty.
2. Pre-open data suggests a +ve close of
nifty if it opens at/below 5550.
3. Targets of both -WWs met in open.
4. AS PER 9.30 STRATEGY, BUY BELOW 5524NF,
TARGET 5570, SL 5494.
5. A likely HnS can give 5510/05 (upon BD).
6. Target HnS BD met.
7. Nifty opened down with a big gap and
thus made a lower high and low than those yesterday before closing slightly +ve
but strongly below yesterday's close. The targets of both the -WWs of the first
post were met as also that of BD of a HnS identified during the day. Both the
daily and weekly candles are likely morning doji stars.
The intraday chart of nifty spot values with 5 min candles is shown below.
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