1. Supports are at about 6039,
6032, 6022 and 5999 while resistances are at about 6114, 6127, 6135 and 6149.
The previous low level to watch is 5990. Five likely +WWs give about 6081 (once
above 6050), 6094 (once above 6079), 6101 (once above 6048), 6107 and 6119
(other +WWs with higher targets are not mentioned as of now). Three likely -WWs
give about 6043, 6004 and 5995 (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 remains above 6134. A rising channel break down can give
about 5840 once below 6039 unless nifty remains above 6149. A bearish flag can
give about 6014 unless killed above 6087.
Nifty reacted and closed below 6050 again.
However, the daily candle is an inverted hammer, which can be a reversal sign.
Therefore, nifty should not fall further and should go up to confirm that. The
persisting -ve div on daily chart is worrisome. Nifty is once again in the
range 5990-6100. Be careful of high intraday volatility as expiry approaches. I
feel one should avoid trading as long as trend is not clear or trade for
February series.
2. PCR down
at 1.03 and VIX down at 14.47.
3. AS PER
9.30 STRATEGY, SELL ABOVE 6055NF, TARGET 6026, SL 6085.
4. Target of
first -ww met.
5. Nifty is
in a channel. BO gives 6095 and BD gives 6020.
6. Nifty
opened up with a small gap and remained within a range of 20 points throughout
the day. The target of only the first -ww of the first post was met. Neither
the target nor the SL of 9.30 strategy trade were triggered. The daily candle
is an inside bar (doji).
The intraday chart of nifty spot values with 5 min candles is shown below.
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