1. Supports are at about 5475, 5433 and
53560 while resistances are at about 5521, 5580 and 5658. A likely +WW gives
about 5600 (once above 5497) (other +WWs with higher targets are not mentioned
as of now). (-WWs with much lower targets are not mentioned presently). A
Bearish flag can give much lower level unless killed above 5560.
Nifty fell sharply after making a higher high and closed below 5500,
thereby hinting at further bearishness. Also, the +ve div on daily chart has
been killed. However, the daily candle is an outside bar, a possible reversal
sign. For confirmation of a reversal, nifty must close above 5537, preferably
with a gap up open. Only global cues and/or liquidity (including from DIIs) can
save nifty.
2. PCR slightly up at 0.83 and VIX
slightly up at 16.82. Pre-open data suggests a +ve nifty
after a gap up open unless it goes below 5488.
3. AS PER 9.30 STRATEGY, SELL ABOVE
5514NF, TARGET 5487, SL 5544.
4. If SL is hit, buy below 5543NF, target
5571, SL 5513.
5. Target of 9.30 strategy trade met.
6. SL of 9.30 strategy trade was hit after
reaching target.
7. Target of reverse trade also met.
8. Nifty opened up with a gap and reacted
till afternoon to make a lower low. It rose sharply later but could not make a
higher high. However, it closed +ve and also above yesterday's close.
Volatility was so high that first, the target of 9.30 strategy was met then its
SL was triggered and then the target of reverse trade was also met. The daily
candle is a hammer.
The intraday chart of nifty spot values with 5 min candles is shown below.
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