1. Supports are at about 5730
and 5701 while resistances are at about 5767, 5782, 5802 and 5814. Two likely
+WWs give about 5870 (once above 5813) and 5894 (once above 5818) (other +WWs with
higher targets are not mentioned as of now). (-WWs with much lower targets are
not mentioned presently).
Nifty fell sharply and closed strongly
below 5750, threatening to go down more. The daily candle is also bearish
engulfing. However, the weekly view is still not bearish and there is now a
hidden div on daily chart, which is a bullish sign. As long as nifty doesn't
close below 5650, I feel nifty will go up in short term. Only global clue
and/or liquidity (including from DIIs) can take nifty further up. Volatility
will continue to be high.
2. PCR at
0.96 and VIX at 16.71. Pre-open data suggests a -ve nifty
after a slight gap down open unless it remains above 5755.
3. AS PER
9.30 STRATEGY, SELL ABOVE 5718NF, TARGET 5691, SL 5748.
4. SL hit.
Now buy below 5751NF, target 5778, SL 5721.
5. SL of
reverse trade also hit.
6. Nifty
opened down with a small gap but slowly reacted to make a lower high and low
than those yesterday before closing -ve (as indicated by the pre-open data) and
also below yesterday's close. The SLs on either side trades of 9.30 strategy
were hit but the target of original trade was missed by 10 points.
The intraday chart of nifty spot values with 5 min
candles is shown below.
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