1. Supports are at about 5621 and 5510
while resistances are at about 5694 and 5740. Five likely +WWs give about 5650
(once above 5633), 5715 (once above 5664), 5723 (once above 5627), 5756 (once
above 5622) and 5766 (once above 5660) (other +WWs with higher targets are not
mentioned as of now). (-WWs with much lower targets are not mentioned
presently). A bearish flag gives much lower level unless killed above 5675. A
falling wedge and three falling channels can give about 5770/5853/5945/5971 in
case of a BO above 5681.
Nifty fell sharply after a gap up open and closed below 5650 again,
threatening to go down more. But, nifty seems to have taken support from 200
sma and there is a +ve div on daily chart. However, nifty may go down to just
below 5600 to create panic and create a bear trap. As long as nifty doesn't
close below 5615, 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 as expiry and year end approaches.
2. PCR down at 0.78 and VIX up at 16.36.
Pre-open data suggests a +ve nifty after a small gap down open unless it
remains below 5610.
3. AS PER 9.30 STRATEGY, BUY BELOW 5636NF,
TARGET 5666, SL 5606.
4. Target of first +ww met.
5. Nifty opened gap down and made a lower
high and low than those yesterday before closing +ve (as suggested by the
pre-open data) and also above yesterday's close. The target of first +ww was met.
Today's gap was also filled. However, neither the target of 9.30 strategy was
met nor was its SL hit.
The intraday chart of nifty spot values with 5 min
candles is shown below.
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