1. Supports are at about 5999, 5952 and
5913 while resistances are at about 6014, 6026, 6035, 6054 and 6081. Two likely
+WWs give about 6050 and 6100 (+WWs with higher targets are not mentioned as of
now). Two likely -WWs give about 5988 and 5959 (once below 5989) (other -WWs
with lower targets are not mentioned presently). Nifty seems to have broken out
of a channel and can give 6090. But if it goes down and breaks below 5965, it
may go down to the bottom of channel, which is placed at about 5840.
Nifty closed at a new high again, giving bullish sentiment. However, the
daily candle is a hanging man, a likely reversal sign. It gives an impression
that nifty may have formed a top on closing basis. Also, the -ve div still
persists on the daily chart. Hence, nifty needs to close above 6016 to negate
the effect of the hanging man. If however, nifty closes below 6009 and that too
with a gap down open below 6009, the reversal may be confirmed. However, it
should be noted that weekly chart does not show any weakness.
2. PCR at 1.0 and VIX at 13.47.
Pre-open high/low at 6021.40/5993.65 and close at 6011.95. The 1tf candle is a
doji and may indicate an uncertain but volatile nifty after a flattish open.
3. AS PER 9.30 STRATEGY, SELL ABOVE 6013NF,
TARGET 5986/70, SL 6043.
4. Target of first -ww met.
5. (post by LKL) SL triggered.
6. Nifty opened up with a slight gap but
quickly reacted to make a lower low than yesterday. However, it rose sharply in
the afternoon to make a new high and also close at a new high. The target of
first -ww of the first post was met. However, SL of 9.30 strategy was hit but
target of reverse trade was not met. In spite of this, total range was only
about 39. The daily candle is again a hanging man.
The intraday chart of nifty spot values with 5 min candles is shown below.
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