1. Supports are at about 5838 and 5815
while a previous level to watch is 5823. Resistances are at about 5862 and 5919
while previous higher levels to watch are 5971 and 5991. Three likely +WWs give
about 5889 (once above 5859), 5894 (once above 5858) and 5972 (once above 5892)
(other +WWs with higher targets are not mentioned as of now). (-WWs with much
lower targets are not mentioned presently). A rising wedge seem to have broken
down and can give about 5805 unless nifty remains above 6100. A falling wedge
BO can give about 5943 if nifty remains above 5859 while a falling channel BO
can give about 5971 if nifty remains above 5865. Two bearish flags give lower
levels unless killed above 5854/5867. A IHnS BO gives about 6100 unless nifty
remains below 5925.
Nifty reacted but managed to close just above 5850 continuing the
bearishness of Tuesday. Nifty is now in a crucial zone from where it can either
BO or BD. The last week's bullish engulfing candle still gives hope to bulls.
5998 on higher side and 5823 on lower side are crucial levels. Only global clue
and/or liquidity (including from DIIs) can take nifty further up.
2. PCR at 1.28 and VIX at 16.20.
Pre-open data suggests an uncertain nifty after a slight gap down open.
3. AS PER 9.30 STRATEGY, BUY BELOW 5877NF,
TARGET 5906, SL 5847.
4. SL hit. Now sell
above 5876NF, target 5817, SL 5878.
5. Target (of reverse trade) met without
getting chance of an entry.
6. SL of reverse trade also hit. Now long
trade again.
7. Targets of both bearish flags of the
first post met.
8. Original target of 9.30 strategy trade
met.
9. Targets of first two +WWs of the first
post met.
10. Target of 5805 of BD of a rising wedge of
the first post looked unlikely till today but was met easily due to the sharp
fall in the morning.
11. Nifty opened down with a slight gap,
tanked soon thereafter but quickly rallied sharply. It thus made a lower low
and higher high than those yesterday before closing strongly +ve and also above
yesterday's close. The targets of (a) two +WWs, (b) BD of a rising wedge and
(c) two bearish flags of the first post were met. However, SL of 9.30 strategy
trade was hit and target of reverse trade was met but without giving chance of
an entry. Later SL of reverse trade was also hit and target of original trade
was met. The daily candle is bullish engulfing and also an imperfect Tasuki
Downside Gap.
The intraday chart of nifty spot values with 5 min
candles is shown below.
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