1. Supports are at about 6012,
5982 and 5969 while resistances are at about 6042, 6058, 6067, 6118 and 6123.
The previous high/low levels to watch are 6101 and 5990/40. Four likely +WWs
give about 6033, 6071, 6089 (once above 6034) and 6103 (once above 6049) (other
+WWs with higher targets are not mentioned as of now). Four likely -WWs give
about 5989, 5966, 5955 and 5948 (other -WWs with much lower targets are not
mentioned presently). Two rising wedges seem to have broken down and can give
5990/40 unless nifty goes up again and remains above 6091/6131. A falling
channel break out can give about 6100 once above 6038. Otherwise base of the
channel is at 5990. A rising channel break down can give about 5840 once below
6013 unless nifty goes up and remains above 6124. A bearish flag can give about
5998 unless killed below 6034.
Nifty fell again and closed below 6050
thereby giving a bearish sentiment. The -ve div on daily chart is still worrisome.
However, a +ve div on intraday chart coupled with the fact that the last 60tf
candle is an inverted hammer gives an impression that nifty is at/near bottom
and also that it may have attempted a double bottom. Nifty remains in the range
of 5950-6100. Be careful of high intraday volatility and avoid trading within
the range.
2. SELL
above 6012 NF, target 5983 SL 6042.
3. If SL is
hit, buy below 6043 NF target 6073 SL 6013.
4. Target of
reverse 9.30 strategy trade met.
5. Target of
first +ww met.
6. Target of
second +ww met.
7. Nifty
opened up with a small gap, remained flat for a while before rising to make a
higher high and low than those yesterday and closing +ve and also above
yesterday's close. The targets of first two +WWs of the first post were met.
But, the SL of 9.30 strategy trade was hit and target of reverse trade was met.
The weekly candle is a hanging man.
The intraday chart of nifty spot values with 5 min candles is shown below.
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