1. Supports are at about 5939, 5910 and
5871. Resistances are at about 5980 and 6060 while previous higher levels to
watch are 5971 and 5991. Two unfilled gaps at lower levels are at 5863 and
5784. A likely +WW gives about 5996 (other +WWs with higher targets are not
mentioned as of now). Two likely -WWs give about 5926 (once below 5958) and
5815 (once below 5885) (-WWs with much lower targets are not mentioned
presently). A bullish flag gives higher level unless killed below 5915. A
rising channel can give about 5894 in case of a BD below 5943.
Nifty again rose sharply to close just below 5950 and seems headed for
higher levels. The daily and weekly candles are bullish Marubuzo while weekly
candle is also a bullish engulfing. There is also a +ve div in RSI on weekly
chart. In addition, nifty closed above 50 sma on daily chart and above 20 sma
on weekly chart. Hence, everything points to much higher levels. However, there
is a mild hidden divergence on daily chart and nifty will have to remain above
5972 for some days to kill it. There is a danger of nifty making a double top
next week. As such, 5998/6050 on higher side and 5828 on lower side are crucial
levels for next week. Only global clue and/or liquidity (including from DIIs)
can take nifty further up.
2. PCR up at 1.15 and VIX up at 13.34.
Pre-open data (doji) suggests an uncertain nifty after a flat open.
3. AS PER 9.30 STRATEGY, BUY BELOW 5984NF,
TARGET 6013, SL 5954.
4. If SL is hit, sell above 5953NF, target
5923, SL 5983.
5. SL hit.
6. SL of reverse trade was also hit.
7. Nifty opened flat, made a higher high
and low than those on Friday before closing slightly -ve and also below
Friday's close. The previous high of 5971 on 20/02 was crossed by just 0.20.
SLs of 9.30 strategy trades were hit on either side but neither side targets
were met. The total range was about 41. The daily candle is a doji and an
imperfect morning star.
The intraday chart of nifty spot values with 5 min
candles is shown below.
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