1. Supports are at about 5860, 5826, 5807
and 5790 while resistances are at about 5888, 5925, 5943 and 5968. Previous
lower levels to watch are 5853 and 57901. (+WWs with higher targets are not
mentioned as of now). A likely -WW gives about 5807 (once below 5871) (-WWs
with lower targets are not mentioned presently). Two bullish flags can give
higher level unless killed below 5630/5835 while a bearish flag can give lower
level unless killed above 5885.
Nifty fell to close below 5900 as posted for Friday but its bullish
sentiment continues. However, the daily candle is a Harami, a likely bearish
sign and it will confirmed if nifty closes below 5871 on Monday. Nifty now
needs to close consistently above 5955. A close below 5850 first followed by
5790 may trigger further selling. Bulls will hope that the improved
micro-economic situation in India will take market further up. Only global cues
and/or liquidity (including from DIIs) can take nifty further up.
2. PCR flat at 1.05 and VIX down at 13.88.
Pre-open data suggests a -ve nifty after a flattish open unless it remains
above 5900 by afternoon.
3. AS PER .9.30 STRATEGY, SELL ABOVE
5874NF, TARGET 5850/35, SL 5904.
4. If SL is hit, buy below 5913NF, target
5938, SL 5883.
5. SL hit.
6. Nifty opened up with a small gap and
remained in a narrow range of about 30 till late afternoon before rising
sharply to make a higher high and low than those on Friday before closing +ve
and also above Friday's close. The SL of 9.30 strategy trade was hit but target
of reverse trade was missed by about 3 points.
The intraday chart of nifty spot values
with 5 min candles is shown below.
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