1. Supports are at about
5983/80, 5957 and 5932 while resistances are at about 6016, 6027 and 6123. The
previous low level to watch is 5940. Four likely +WWs give about 6043 (once
above 5982), 6059 (once above 6002), 6060 (once above 6019) and 6095 (once
above 6024) (other +WWs with higher targets are not mentioned as of now). Five
likely -WWs give about 5970, 5963, 5915, 5904 and 5820 (other -WWs with much
lower targets are not mentioned presently). The target of BD of a wedge and a
rising channel mentioned last week are 5940/5840 unless nifty goes up again and
remains above 6050. BO of a falling channel can give about 6110 if nifty goes
and remains above 6014. However, the bottom of this channel is at about 5957.
Nifty closed below the crucial level of
6000 once again and is bearish. The level of 5940 looks certain now. However,
if it closes below 5940, next possible levels are about 5895/5828/5762/5680.
Nifty is bullish only above a weekly close of 6160. I feel that only global
clues and/or liquidity can save nifty. Volatility will gradually increase in
February.
2. PCR at
0.90 and VIX at 14.34. Pre-open data suggests a -ve nifty after a gap down open
unless it goes above 5960 and then 5980.
3. AS PER
9.30 STRATEGY, BUY BELOW 5988NF, TARGET 6015/29, SL 5958.
4. Targets
of first two –WWs of the first post met.
5. Nifty
opened down with a gap, made a lower high/low than those yesterday before
closing +ve but below yesterday's close. The targets of first two -WWs of the
first post were met but the target of BD of a rising wedge was just missed.
Also, target of 9.30 strategy trade was not met as the total range was only
about 23 (range of nifty fut was about 29). The daily candle of nifty spot is a
likely morning star while that of nifty fut is also an inverted hammer.
The intraday chart of nifty spot values with 5 min candles is shown below.
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