1. Support is at about 5663,
which is also a previous low while 200 sma is at about 5611. Resistances are at
about 5705, 5717, 5729, 5752 and 5771. Four likely +WWs give about 5711 (once above
5690), 5743 (once above 5675), 5747 (once above 5702) and 5770 (once above
5677) (other +WWs with higher targets are not mentioned as of now). (-WWs with
much lower targets are not mentioned presently). A bearish flag gives about
5669 unless killed above 5708. A falling wedge seems to have BO and can give
about 5770 if nifty remains above 5696.
Nifty fell sharply and closed strongly
below 5700, threatening to go down more. However, the weekly view is still not
bearish and there is now a +ve div as well as 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 down
at 0.89 and VIX down at 16.66. Pre-open data suggests a
+ve nifty after a small gap up open unless it remains below 5690 till second
half.
3. The first
5tf candle is a Doji hence be careful.
4. AS PER
9.30 STRATEGY, BUY BELOW 5752NF, TARGET 5773, SL 5722.
5. If SL is
hit, sell above 5709NF, target 5686, SL 5739.
6. Target of
first +ww was met soon after open.
7. SL hit.
8. Target of
reverse trade met.
9. SL of
reverse trade hit after giving target. So once again long.
10. Target of
second +ww met.
11. A -ww give
5695.
12. Target of
bearish flag of the first post was met.
13. Target of
third +ww met.
14. Target of
-ww mentioned above is reduced to 5682NS as of now.
15. Revised
target of -ww met
16. Nifty
opened up with a small gap and reacted soon thereafter to make a lower low.
However, it rose sharply to make a higher high before falling sharply to make a
lower low again. The intraday volatility was so high that the targets of both
the first three +WWs and the bearish flag of the first post were met. What's
more, first SL of 9.30 strategy trade was hit, then target of reverse trade was
met, then SL of reverse trade was hit and target of original trade was missed
by only 1 point, then SL of original trade was hit again and finally target of
reverse trade was met again. In addition, target of a -ww identified during the
day was also met.
The intraday chart of nifty spot values with 5 min
candles is shown below.
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