1. Supports are at about 6073, 6040 and
5990 while resistances are at about 6092, 6102 and 6184. The gap created on
Friday is at about 6038 and is yet to be filled up. Four likely +WWs give about
6092, 6100, 6147 and 6210 (other +WWs with higher targets are not mentioned as
of now). Four likely -WWs give about 6058, 6039, 6016 and 6004 (-WWs with much
lower targets are not mentioned presently). Review of TLs and APFs indicates
that unless nifty remains above 6118 for the week, it will go down.
Nifty gained again and closed at a new high once again. However, it could
not cross the psychological level of 6100. Though the likely morning star
created on Friday was defeated, the daily candle formed a doji star, a possible
reversal sign again. Therefore, nifty must open up on Tuesday with a gap above
6086 and also close +ve. If it opens well below below 6085 and closes -ve then
reversal may be confirmed. Be careful of high volatility as nifty is at a
crucial level and may try to consolidate.
2. PCR up at 1.17 and VIX at 13.66.
Pre-open high/low at 6091.10/6061.70 and close at 6080.15. The 10tf candle is a
doji and may indicate an uncertain and volatile nifty after a flat open.
3. AS PER 9.30 STRATEGY, SELL ABOVE
6085NF, TARGET 6057, SL 6115.
4. Targets of first two +WWs were met.
5. Target of first -ww met.
6. 9.30 strategy target met.
7. Nifty opened slightly down, made a
higher high but then quickly reacted to make a lower low before closing -ve ans
also below yesterday's close. The targets of first two +WWs and first -ww of
the first post were met as also the target of 9.30 strategy trade. Today's open
below 6085 and the bearish candle confirmed reversal signalled by yesterday's
doji star, however temporary.
The intraday chart of nifty spot values with 5 min candles is shown below.
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