1. Supports are at about 5676, 5617 and
5567 while resistances are at about 5711 and 5727 while previous crucial higher
level to watch is 5755. Five likely +WWs give about 5721, 5764, 5800/05 and
5823 (other +WWs with higher targets are not mentioned as of now). Three likely
-WWs give about 5662 (once below 5683), 5627 (once below 5673) and 5542 (once
below 5631) (-WWs with lower targets are not mentioned presently). A bullish
flag can give much higher level unless killed below 5610. A rising wedge can
give about 5555 in case of a BD below 5681. A IHnS can give about 5750 unless
nifty goes below 5588.
Nifty rose sharply again and closed just below 5700, clearly indicating
some bullishness. However, for a rally to start, nifty must close above about
5755. Bulls will hope that the improved fundamental situation in India in view
of likely reduction in Current Account Deficit and inflation coupled with
chances of higher rate cut by RBI will take market further up. Trade carefully
since volatility will continue to be high. Only global cues and/or liquidity
(including from DIIs) can take nifty further up.
2. PCR up at 1.02 and VIX down at 16.25.
Pre-open data suggests a +ve nfity unless it remains below 5676 by afternoon.
3. AS PER 9.30STRATEGY, SELL ABOVE 5690NF,
TARGET 5667/55, SL 5720.
4. If SL is hit, buy below 5729NF, target
5753, SL 5699.
5. SL hit.
6. Today could be the day of SLs being hit
on both sides.
7. It will be volatile today after the
rise of last 3 days.
8. SL of reverse trade also hit. Now short
again.
9. Nifty opened up with a gap and made a
higher low. It then fell sharply but made a higher low before closing -ve but
flat w.r.t. to yesterday's close. The target of first +ww of the first post was
met. However, SL on either side trades of 9.30 strategy was hit but neither
side target was met. The daily candle is a likely evening doji star.
The intraday
chart of nifty spot values with 5 min candles is shown below.
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