1. Support is at about 5717 while
resistances are at about 5780, 5806, 5840, 5882 and 5917. The two gaps yet to
be filled are at 5727 and 5648. Four likely +WWs give about 5833 (once above
5796), 5879 (once above 5807), 5885 (once above 5816) and 5950 (once above
5805) (other +WWs with higher targets are not mentioned as of now). (-WWs with
much lower targets are not mentioned presently). A falling channel can give
about 6110 in case of a BO if nifty goes up and remains above 5830. Another
falling channel can give 5838 in case of a BO above 5788. A falling wedge can
give about 5870 in case of a BO above 5780. A bearish flag can give much lower
level unless killed above 5800. A HnS can give about 5550 in case of a BD.
Nifty crashed and close below 5800 in line with the bearishness it
displayed over the last few days. However, there is a mild +ve div on STS. If
nifty closes above 5925, it may go up further. Only global clues and/or
liquidity (including from DIIs) can save nifty. As mentioned in the previous
posts, volatility is increasing as budget and expiry day approaches.
2. AS PER 9.30 STRATEGY, BUY BELOW 5801NF,
TARGET 5825, SL 5771.
3. If SL is hit, sell above 5762NF, target
5737, SL 5792.
4. SL hit.
5. SL of reverse trade hit.
6. Nifty opened gap up and reacted immediately
not only to fill the gap but also to visit yesterday's low to make a double
bottom. It rose sharply thereafter to close +ve and also above yesterday's
close. But it still made a lower high than yesterday (Nifty fut also made a
lower low). The SLs of either side trades of 9.30 strategy were hit but neither
side targets were met. The daily candle is a bullish Harami.
The intraday chart of nifty spot values with 5 min
candles is shown below.
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