1. Support is at about 5560
while previous low to watch is 5548. Resistances are at about 5583, 5617, 5686
and 5719. A number of likely +WWs give about 5600/03 (once above 5563/75), 5647
(once above 5586), 5708 (once above 5565), 5724 (once above 5673) and 5766
(once above 5578) (other +WWs with higher targets are not mentioned as of now).
A likely -WW gives about 5499 (-WWs with much lower targets are not mentioned
presently). A falling wedge/channel can give about 5734/45 if nifty breaks out
above 5585/94. A bearish flag gives lower level unless killed above 5686. The
target of BD of a HnS being mentioned for the past month is about 5548.
Nifty fell sharply again and closed
strongly -ve below 5600, thereby hinting at further bearishness. However, +ve
div still persists on daily chart. Friday being the last day of the week, last
chance for a reversal, however temporary, is a close above 5590 and preferably
above 5623. Only global cues and/or liquidity (including from DIIs) can save
nifty.
2. 09:30 strategy may be noted
as "Sell above 5569 TARGET 5544, SL 5599".
3. PCR down at 0.88 and VIX up
at 15.85. Market likely to close positive if volatility does not cross and
remain above 16.
4. Nifty opened down with a slight
gap and made a lower high and low than yesterday before closing -ve and also
below yesterday's close. The target of bearish flag and BD of HnS of the first
post were met. The daily candle is a likely morning star.
The intraday chart of nifty spot values with 5 min candles is shown below.
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