1. Supports are at about 5920,
5908, 5898 and 5889 while resistance is at about 5953. Other higher level to
watch is 5969. Three likely +WWs give about 5962, 5969 and 5990 (other +WWs with
higher targets are not mentioned as of now). One likely -WW gives about 5884
(once below 5926) (other -WWs with much lower targets are not mentioned
presently). Two falling channels seem to have broken out and can give about
5964/6110 unless nifty goes down and remains below 5888. A bullish flag gives
higher target unless killed below 5907.
Nifty closed strongly above 5900 and gave
impression of a reversal indicated by yesterday's doji. The signs in favour of
bulls are (a) CCI shows +ve div, (b) nifty is as oversold as it was in third
week of Nov and (c) last week's candle was an imperfect inverted hammer. Only
if Nifty closes above 6000 (particularly 6035) it will go up further but will
be bullish only above a weekly close of 6140. If nifty closes below 5900 again,
it may go down further. Only global clues and/or liquidity (including from
DIIs) can save nifty. Volatility will gradually increase as budget day
approaches.
2. I feel
there will be follow through tmrw also but one can short around 5975-85 with
about 6000 as SL. But 5970 should be crossed to begin with.
3. Pre-open
data suggests a -ve nifty after a gap up open unless it remains above 5970.
4. AS PER
9.30 STRATEGY, SELL ABOVE 5953NF, TARGET 5925, SL 5983.
5. Targets
of first two +WWs met.
6. Nifty
opened up with a gap but reacted quickly thereafter, still making a higher high
and low than those yesterday before closing -ve but above yesterday's close.
The target of first two +WWs of the first post were met as also the target of BO of a falling channel. The total range was
about 33. The daily candle is like a morning star.
The intraday chart of nifty spot values with 5 min
candles is shown below.
No comments:
Post a Comment