1. Supports are at about 5926,
5918 and 5866 while resistances are at about 5945/50, 5957 and 6128. Seven
likely +WWs give about 5957, 5968, 5981, 5991, 6011, 6031 (once above 5965) and
6057 (once above 5973) (other +WWs with higher targets are not mentioned as of
now). Two likely -WWs give about 5906 and 5888 (other -WWs with much lower
targets are not mentioned presently). The target of BD of a rising wedge was
met and now that of a BD of a rising channel mentioned last week is 5840 unless
nifty goes up again and remains above 6060. BO of two falling channels can give
about 6110/5990 if nifty goes and remains above 5957/67. However, the bottoms
of these two channels are at about 5893 and 5922.
Nifty closed below 5950 and is clearly
bearish. A close below 5930 may take it down to about 5895/5828/5762/5680. Only
if Nifty closes above 6000 (particularly 6035) it will go up further but will
be bullish only above a weekly close of 6150. The daily candle is a
doji/inverted hammer as well as an imperfect morning star, a likely reversal
sign. For such a reversal, nifty must open gap up on Friday and close well
above 5960, particularly because it's a weekly close. I feel that only global
clues and/or liquidity (including from DIIs) can save nifty. Volatility will
gradually increase in February as budget day approaches.
2. PCR at
1.0 and VIX at 14.89.
3. AS PER
9.30 STRATEGY, SELL ABOVE 5940NF, TARGET 5915, SL 5970.
4. If SL is
hit, buy below 5979NF, target 6005, SL 5949.
5. SL hit.
6. SL of
reverse trade also hit.
7. Original
9.30 strategy target met.
8. Targets
of both -WWs met.
9. Nifty
opened down with a small gap, kept going down slowly but remained flat
thereafter before suddenly tanking late in the afternoon, making a lower
high/low than those yesterday before closing -ve and also below yesterday's
close. The targets of both -WWs of the first post were met. However, SLs of
9.30 strategy trade were hit on either side before giving target of the
original trade.
The intraday chart of nifty spot values with 5 min candles is shown below.
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