1. Supports are at about 5901, 5878, 5861
and 5848 while resistances are at about 5939 and 5980. Previous lower and
higher levels to watch are 5853 and 5971. (+WWs with higher targets are not
mentioned as of now). Two likely -WWs give about 5893 (once below 5926) and
5854 (once below 5932) (-WWs with lower targets are not mentioned presently).
Two bullish flags can give higher level unless killed below 5630/5895.
Nifty rose again to close above 5900. However, the daily candle is an
imperfect hanging Man and a Doji, indicating uncertainty and a bearish
sentiment, which will be confirmed if nifty closes well below 5830, preferably
with a gap down open. The monthly candle, however, is bullish. 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 up at 1.08 and VIX up at 15.10.
Pre-open data suggests a +ve nifty after a small gap down open unless it
remains below 5912 till late afternoon.
3. AS PER 9.30 STRATEGY, BUY BELOW 5942NF,
TARGET 5981, SL 5912.
4. Target met without giving a chance to
buy.
5. Nifty opened down with a small gap
(though nifty fut opened up with a small gap) and continued to go up relentlessly,
making a higher high and low than those on Tuesday before closing strongly +ve
and also strongly above Tuesday's close. It thus closed at a new high since 1st
Feb. The target of 9.30 strategy was met easily but without giving a chance of
an entry.
The intraday
chart of nifty spot values with 5 min candles is shown below.
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