1. Supports are at about 5680, 5626 and
5602 while resistances are at about 5704, 5718, 5748 and 5779 while previous
crucial higher level to watch is 5755. Three likely +WWs give about 5728 (once
above 5661, which is not reached yet), 5767 and 5808 (other +WWs with higher
targets are not mentioned as of now). Two likely -WWs give about 5668 and 5616
(once below 5646) (-WWs with lower targets are not mentioned presently). A
bullish flag can give much higher level unless killed below 5610. A rising
wedge seems to have broken down and can give about 5555 unless nifty goes up
again. A IHnS can give about 5750 unless nifty goes and remains below 5581.
Nifty was uncertain and closed flat but below 5700 again, raising doubts
about its bullishness. Also, daily candle is a likely evening doji star, a
possible bearish reversal sign. Hence, to continue uptrend, nifty must close
+ve and well above 5689. But, for a rally to start, nifty must close above
5755. Bulls will hope that the improved micro-economic situation in India 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 1.03 and VIX up at 16.36.
Pre-open data suggests a +ve nifty unless it remains below 5680 by afternoon.
3. AS PER 9.30 STRATEGY, BUY BELOW 5687NF,
TARGET 5763, SL 5557.
4. Target of first +ww met.
5. Second +ww target achieved.
6. Target of bullish flag and of BO of
IHnS of the first post met.
7. The target of 9.30 strategy trade was
met but without getting a chance of an entry.
8. Nifty opened down with a small gap and
then didn't look back. It kept rising making a new high since 19/03 and also a
higher low before closing strongly +ve and also strongly above yesterday's
close. The targets of first two +WWs, the bullish flag and that of BO of IHnS
of the first post were met. The week closed very bullish.
The intraday
chart of nifty spot values with 5 min candles is shown below.
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