1. Supports are at about 5712, 5701 and
5692. The nearest gap yet to be filled is 5648. Also, 200 sma is at about 5550
and the previous low was 5548 in Nov '12 from where this rally started.
Resistances are at about 5743, 5779, 5789, 5823 and 5887. Two likely +WWs give
about 5779 (once above 5702) and 5846 (once above 5699) (other +WWs with higher
targets are not mentioned as of now). A likely -WW gives about 5692 (once below
5729) (-WWs with much lower targets are not mentioned presently). A HnS has
broken down and can give about 5550 unless nifty goes up from here and remains
above 5970.
Nifty recovered a bit and gave first confirmation of the reversal indicated
by Last Engulfing Bottom candle of Thursday. Next confirmation will be if nifty
closes above 5835. There is also a mild +ve div on STS and CCI on daily chart.
Also, weekly candle did not break below 34 ema as mentioned in Friday's post.
However, daily candle is once again a Harami but probably indicates
consolidation rather than a complete reversal. Two unfilled gaps on higher side
are at 5855 and 5943. Only global clue and/or liquidity (including from DIIs)
can save nifty.
2. AS PER 9.30 STRATEGY, SELL ABOVE
5711NF, TARGET 5675, SL 5741.
3. Target of -ww was met.
4. Nifty opened gap down, went down
further to make a lower high and low than those on Friday before recovering a
bit to close -ve and also below Friday's close. The target of -ww of the
first post was met. However, the target of 9.30 strategy trade was missed by 3
points though entry was not possible before that. The daily candle is a long
legged Doji.
The intraday chart of nifty spot values with 5 min
candles is shown below. Unfortunately, chart for the first 80 min is not
available due to problems with the website.
No comments:
Post a Comment