1. Supports are at about 5843,
5837 and 5794 while resistances are at about 5854, 5896, 5915 and 5927. Other
levels to watch are 5940 and 5965. Five likely +WWs give about 5883, 5885,
5917, 5949 and 5968 (+WWs with higher targets are not mentioned as of now).
(other -WWs with much lower targets are not mentioned presently). A falling
wedge BO can give 5926 once above 5853.
Nifty closed below 5850 and gave a very
bearish sentiment. However, the daily and weekly candles are likely morning
stars. If Monday closes above 5916 with preferably a gap up open (better if
above 5888), the morning star will be confirmed, which is a bullish sign. The
short position is very heavy and if short covering begins, it will go up
sharply. Also, it should be noted that it is yet to break below Oct high of
5815 and that the low of NF on Friday was 5838, which is same as the high of
last expiry day.
Nifty has to close above 5965 to remain
bullish. If nifty closes below 5823, it may become bearish. Nifty may be very
choppy in the expiry week. Hence trade with strict SLs.
2. Pre-open high/low
at 5871.20/5847.70 and close at 5869. This may indicate a +ve nifty after a
small gap up open.
3. AS PER
9.30 STRATEGY, SELL ABOVE 5850NF, TARGET 5827/14, SL 5880.
4. If you
shorted as per 9.30 strategy, lower SL to 5872.
5. Nifty
opened up with a small gap, made a lower high and a higher low than those on
Friday before closing ve but above Friday's close. None of the targets were met
as the total range was about 26. Daily candle is a Harami.
The intraday chart of nifty spot values with 5 min candles is shown below.
No comments:
Post a Comment