1. Supports are at about 6155,
6137 and 6041 while resistances are at about 6195, 6219 and 6245. A +WW gives
about 6230 (+WWs with higher targets are not mentioned as of now). Four -WWs
give about 6144 (once below 6183), 6110 (once below 6150), 6043 (once below
6170) and 6033 (once below 6198) (-WWs with lower targets are not mentioned
presently). A rising wedge break down can give about 5985 if nifty goes and
remains below 6133. A bullish flag can give much higher level unless killed
below 6045.
Nifty rose and again closed above 6150
after barely falling short of 6200 and continues to give a very bullish signal.
It thus prevented formation of a Hanging man on weekly chart. Also, it is at a new
high since mid Nov '10. However, -ve div on daily chart remains and long
holders need to be careful. Also, a very high value of VIX and PCR can cause
sharp falls and rises as seen this week. Only global cues and/or liquidity can
take nifty further up. Once again, be careful of high volatility as nifty
approaches the all time high.
2. PCR up at 1.26 and VIX down at 17.57.
Pre-open data suggests a -ve nifty after a small gap up open unless it crosses
and remains above 6200 by afternoon.
3. AS PER 9.30 STRATEGY, BUY BELOW 6207NF,
TARGET 6252, SL 6177.
4. Target of +WW of the first post
considered met.
5. SL hit.
6. Target of first -ww of the first post
considered met.
7. Since SL was hit, the trade was to sell
above 6206NF, target 6159, SL 6236. As can be seen, target was met without
giving a chance of an entry.
8. Nifty opened up with a small gap and
quickly made a new high. But it reacted sharply after 11am and made the same
low as that on Friday. The targets of +WW and the first -ww of the first post
were met. However, SL of 9.30 strategy trade was hit late in the day and the
target of reverse trade was met without giving a chance of an entry. Daily
candle is bearish engulfing.
The intraday
chart of nifty spot values with 5 min candles is shown below.
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