1. Supports are at about 5981, 5969, 5935
and 5887 while resistances are at about 6000, 6050/55, 6064 and 6077. Two
likely +WWs give about 6022 and 6045 (+WWs with higher targets are not mentioned
as of now). Two likely -WWs give about 5950 (once below 5978) and 5838 (once
below 5959) (other -WWs with lower targets are not mentioned presently). Nifty
seemed 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 below 5900 in line with the bearish signal given by Friday's
hanging man. The daily candle is also bearish engulfing. However, it has taken
support from the lower TL from 27/12 and it is possible that it will remain
flat (lower highs and higher lows) for a couple of days before starting its
upward journey again. If, however, nifty goes below 5965, it may go doen
further.
2. PCR at 1.03 and VIX at 13.92.
Pre-open high/low at 5991.25/5945.40 and close at 5983.45. The 10tf candle is a
hammer and may indicate +ve nifty after a slight gap down open unless it
remains below 5978 for at least an hour.
3. AS PER 9.30 STRATEGY, SELL ABOVE
6000NF, TARGET 5970/52, SL 6030.
4. Since SL is hit, now buy below 6029NF,
target 6060, SL 5999.
5. Nifty opened down with a slight gap and
made a lower low than yesterday before rising sharply in the afternoon to close
+ve (as indicated by the pre-open data) and also above yesterday's close.
However, it could not make a higher high. The total range was about 42. The SL
of 9.30 strategy trade was hit but the target of reverse trade was not met.
Nifty seems to have held 5965 as of now.
The intraday chart of nifty spot values with 5 min candles is shown below.
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