1. Supports are at about
5896, 5881 and 5810 while resistances are closely spaced at about 5917, 5929,
5947 and 5976 while previous higher levels to watch are 5971 and 5991. Three
likely +WWs give about 5937, 5994 and 6016 (other +WWs with higher targets are
not mentioned as of now). Four likely -WWs give about 5884 (once below 5912),
5835 (once below 5977, which is yet to be reached), 5815 (once below 5897) and
5781 (once below 5855) (-WWs with much lower targets are not mentioned
presently). A falling wedge BO can give about 5943 unless nifty reacts again
while a falling channel BO can give about 5971 if nifty remains above 5824. A
bullish flag can give much higher level unless killed below 5846. A falling
broadening wedge seems to have broken out and can give 5971/6070 but if nifty breaks and remains below 5882, the BD can give 5729. A IHnS BO gives about 6100 unless nifty remains below 5931.
Nifty rose sharply after initial severe reaction to close above 5900 again indicating bullishness. However, though daily candle is bullish engulfing, it is also an imperfect Tasuki Downside Gap candle, which can imply continuation of down trend. There is also a mild -ve div on weekly chart. Friday being last day of the week, its closing assumes great importance. If nifty closes flat or above Thursday's close, weekly candle will be a hanging man, a weekly bearish sign. Therefore, to continue last week's bullish trend, nifty will actually have to close well below 5909 OR the high will have to be at/above 5983 and also a close flat or -ve. 5998 on higher side is crucial level. Only global clue and/or liquidity (including from DIIs) can take nifty further up.
2. PCR down at 1.18 and VIX down at 14.66
(15% fall from top). Pre-open data suggest a -ve nifty
after a slight gap up open unless it remains above 5915.
3. AS PER 9.30 STRATEGY, BUY BELOW 5960NF,
TARGET 5990, SL 5930.
4. If SL is hit, sell above 5939NF, target
5900, SL 5969.
5. Target of first +ww met.
6. Falling wedge BO target met.
7. Two new, small -WWs give about 5896 and
5875NS.
8. SL hit.
9. Target of first new -ww mentioned above
met.
10. Target of first -ww of the first post met.
11. Target of second new -ww mentioned above
has become 5860.
12. Target of reverse trade of 9.30 strategy
met.
13. Original target of second new -ww met.
Now waiting for new target.
14. Revised target of second new -ww missed
out by 1.70 so far.
15. Nifty opened up with slight gap, went up
for an hour and then reacted sharply. However, it still made a higher high and
low than those yesterday before closing -ve (as suggested by the pre-open data)
and also below yesterday's close. The targets of first +ww and of BO of a
falling wedge of the first post were met. Also met were targets of first -ww of
the first post as well as of two -WWs identified during the day. However, SL of
the 9.30 strategy trade was hit and target of reverse trade was met. The daily
candle can be considered to be a Dark Cloud Cover.
The intraday chart of nifty spot values with 5 min
candles is shown below.
No comments:
Post a Comment