1. Supports are at about 5875, 5860 and
5838 while resistances are at about 5918, 5925 and 5960. Previous lower and
higher levels to watch are 5853 and 5971. A +WW gives about 5935 (once above
5860, which is yet to be reached) (+WWs with higher targets are not mentioned
as of now). A likely -WW gives about 5842 (once below 5904) (-WWs with lower
targets are not mentioned presently). Two bullish flags can give higher level
unless killed below 5630/5885.
Nifty rose again to close above 5900 and nullified the bearishness of
Friday's Harami. Thus its bullish sentiment continues. However, the daily
candle is an Inside Bar, a likely bearish sign, which will be confirmed if
nifty goes below 5860 and closes below 5904 on Tuesday. Nifty now needs to
close consistently above 5955. A close below first 5850 followed by 5790 may
trigger further selling. Bulls will hope that the improved micro-economic
situation in India will take market further up. Only global cues and/or
liquidity (including from DIIs) can take nifty further up.
2. PCR flat at 1.05 and VIX up at 14.33.
Pre-open data suggests uncertain but a +ve nifty unless it remains below 5918
till afternoon.
3. AS PER 9.30 STRATEGY, BUY BELOW 5963NF,
TARGET 5995, SL 5933.
4. If SL is hit, sell above 5938NF, target
5905, SL 5968.
5. Target of +ww and one bullish flag of
the first post met in the open itself.
6. SL hit.
7. Target of reverse trade met without
giving an entry.
8. Nifty opened up with a big gap to make
a higher high but reacted immediately to make a lower low also. It recovered in
the afternoon to close -ve but above yesterday's close. The targets of +WW
and one of the bullish flags of the first post were met. However, SL of 9.30
strategy trade was hit and target of reverse trade was met without giving
chance of an entry. The daily candle is like a hanging man and a Doji.
The intraday
chart of nifty spot values with 5 min candles is shown below.
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