1. Supports are at about 5830, 5811, 5800,
5770 and 5757 while resistances are at about 5845, 5908 and 5948. Previous
higher levels to watch are 5864/5946/5971 while a gap exists at 5873. A likely
+WW gives about 5886 (other +WWs with higher targets are not mentioned as of
now). Two likely -WWs give about 5708 (once below 5831) and 5677 (once below
5761) (-WWs with lower targets are not mentioned presently). Two bullish flags
can give much higher level unless killed below 5738/5630.
Nifty barely crossed falling TL from January high and closed strongly above
5800 thereby continuing its bullish sentiment. It now appears that nifty will
rally from here. However, it now needs to close consistently above 5868. A
close below 5750 may trigger further selling. 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, this week being expiry week. Only global
cues and/or liquidity (including from DIIs) can take nifty further up.
2. PCR up at 1.17 and VIX up at 16.22.
Pre-open data suggests a +ve nifty after a slight gap up open unless it remains
below 5820 by afternoon.
3. AS PER 9.30 STRATEGY, SELL ABOVE
5823NF, TARGET 5789, SL 5853.
4. If SL is hit, buy below 5843NF, target
5877, SL 5813.
5. SL considered hit since it was just
0.55 away.
6. Nifty opened up with a small gap but
reacted immediately. It made a slightly higher low and a double top with
yesterday before closing slightly -ve but slightly above yesterday's close.
However, nifty fut closed slightly +ve and also above yesterday's close. The SL
of 9.30 strategy was almost hit at the end of the day but none of the targets
were met. The daily candle of spot
nifty is a hanging man while that of nifty fut is a long legged doji.
The intraday
chart of nifty spot values with 5 min candles is shown below.
No comments:
Post a Comment