1. Supports are at about 5945,
5918, 5894 and 5869 while resistances are at about 5954, 5965, 5970 and 5976.
Three likely +WWs give about 5980, 5988 and 6023 (+WWs with higher targets are
not mentioned as of now). Three likely -WWs give about 5887 & 5822 (both
once below 5967, which is yet to be reached) and 5817 (once below 5935, which
is yet to be reached) (other -WWs with lower targets are not mentioned
presently). A 53 high bullish flag can give higher level unless killed below
5923. Nifty reached the top of a channel and if it doesn't break out and remain
above 5965, it may go down to the bottom of channel, which is placed at about
5840.
Nifty closed at a new high but failed to
cross 5965. The daily candle on the first day of the month and the year, though
green, is an imperfect inverted hammer. Hence, nifty will become bullish only
after closing above 5965 and remaining above it for a few days. If nifty first
closes below 5823, it may become bearish. However, the high premium is
worrisome.
2. PCR at
1.02 and VIX at 13.69. Pre-open high/low at 5983.80/5891.75
and close at 5982.60. The 10tf candle is a hanging man and may indicate a -ve
nifty after a gap up open unless NS remains above 5983 for at least one hour.
3. AS PER
9.30 STRATEGY, BUY BELOW 5999NF, TARGET 6053, SL 5968.
4. Targets
of first two +WWs and bullish flag met in the opening itself.
5. Nifty
opened gap up, made a new 2 year high and also a higher low than yesterday
before closing +ve (as indicated by the pre-open data) and also above
yesterday's close. In the process, targets of first two +WWs and the bullish
flag of the first post were met in the opening itself. However, the target of
9.30 strategy was not met as the total range was only about 24 (range of nifty
fut was about 42).
The intraday chart of nifty spot values with 5 min candles is shown below.
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