Daily_Nifty_VP's View-31/05/13

LEADER POST for Friday (31/05/13)

1.         Supports are at about 6098, 6082, 6062 and 6042 while resistances are at about 6130, 6171 and 6195. Four +WWs give about 6155, 6182, 6201 (once above 6077), and 6209 (once above 6092) (+WWs with higher targets are not mentioned as of now). Four -WWs give about 6085 (once below 6117), 6039, 6014 (once below 6191, which is yet to be reached) and 6008 (once below 6118) (-WWs with lower targets are not mentioned presently). A rising wedge BD can give about 5936 unless nifty remains above 6133. A complex HnS can give 5928/5867 unless nifty remains above 6092. A bullish flag gives higher level unless killed below 6105.

Nifty rose again and closed at a new weekly high above 6100 and negated the bearish effect of Wednesday's hanging man. However, it is still not bullish. As long as Friday closes well above 6032, monthly candle remains bullish while a close above 6188 makes weekly candle bullish too. If it closes below 6050, it may slide further. A high value of VIX and PCR can cause sharp and sudden movements. Only a noticeable drop in them along with global cues and/or liquidity can take nifty up further. Trade carefully as Friday is day of GDP numbers. If GDP comes well below 5% (particularly 4%), we may see a sharp fall.

2.         Pre-open data suggests a -ve nifty after a small gap down open unless it remains above 6101.

3.         Target of first -ww met.

4.         AS PER 9.30 STRATEGY, SELL ABOVE 6118NF, TARGET 6073, SL 6148.

5.         Target met without giving chance of an entry.

6.         Target of second -WW also met.

7.         Targets of third and fourth -WWs also met.

8.         Nifty opened gap down and went down further before remaining in a tight range of about 30 points till afternoon. It then fell sharply to make same low as that on 27/5. It closed strongly -ve and also strongly below yesterday's close. The targets of all the four -WWs of the first post were met. The target of 9.30 strategy trade was also met but without giving chance of an entry. The daily candle is a big, bearish Marubuzo, the weekly candle is an inverted hammer cum gravestone doji while the monthly candle is an inverted hammer.

The intraday chart of nifty spot values with 5 min candles is shown below.

Daily_Nifty_VP's View-30/05/13

LEADER POST for Thursday (30/05/13)

1.         Supports are at about 6100, 6081, 6055 and 6005 while resistances are at about 6118, 6141 and 6171. Four +WWs give about 6121, 6174, 6202 and 6280 (+WWs with higher targets are not mentioned as of now). Three -WWs give about 6067, 6043 and 6025 (-WWs with lower targets are not mentioned presently). A rising wedge BD can give about 5936 unless nifty remains above 6118. A falling channel has broken out and can give 6138 unless nifty goes down again. A complex HnS can give 5928/5867 if nifty goes down and remains below 6057.

Nifty reacted a bit but managed to close above 6100. However, it is still not bullish unless it closes above 6168 to begin with. The daily candle is a hanging man, a bearish sign, which will be confirmed if nifty closes well below 6104, particularly after a gap down open. If it closes below 6050, it may slide further. A high value of VIX and PCR can cause sharp and sudden movements. Only a noticeable drop in them along with global cues and/or liquidity can take nifty up further. Trade carefully as Thursday is expiry day.

2.         Pre-open data suggests a +ve nifty after a gap down open unless it remains below 6072 till afternoon.

3.         6072 is a crucial level as is 6118.

4.         AS PER 9.30 STRATEGY, BUY BELOW 6040NF, TARGET 6097, SL 6010.

5.         Target met without giving chance of an entry.

6.         Target of first +WW of the first post met late in the day. Also, target of BO of falling channel of the first post considered met.

7.         Nifty opened down with a gap but that was the low of the day. It rose slowly, despite volatility, to make a higher high and low than those yesterday. It also made a new high since 22nd May. The target of first +WW and the that of the BO of falling channel of the first post were met. The target of 9.30 strategy trade was also met but without giving chance of an entry. The important aspect was that the crucial level of 6072 was held and the level of 6118 was crossed.

The intraday chart of nifty spot values with 5 min candles is shown below.

Daily_Nifty_VP's View-29/05/13

LEADER POST for Wednesday (29/05/13)

1.         Supports are at about 6100, 6072, 6063, 6053 and 6046 while resistances are at about 6137, 6171 and 6225. Two +WWs give about 6194 (once above 6097) and 6260 (once above 6068) (+WWs with higher targets are not mentioned as of now). Four -WWs give about 6084 (once below 6135, which is yet to be reached), 6050 (once below 6124), 6042 (once below 6113) and 6008 (once below 6063) (-WWs with lower targets are not mentioned presently). A rising wedge BD can give about 5936 unless nifty remains above 6153. A falling channel has broken out and can give 6138 unless nifty goes down again. A complex HnS can give 5928/5867 if nifty goes down and remains below 6079.

Nifty rose again and closed above 6100. However, it is still not bullish unless it closes above 6170 to begin with. If it closes below 5900 then next level can be 200 sma, which is at about 5760+. A high value of VIX and PCR can cause sharp and sudden movements. Only a noticeable drop in them along with global cues and/or liquidity can take nifty up further. Trade carefully as expiry is near.

2.         PCR up at 1.25 and VIX up at 17.12. Pre-open data suggests a +ve nifty after a slight gap up open unless it remains below 6120 by afternoon.

3.         AS PER 9.30 STRATEGY, SELL ABOVE 6127NF, TARGET 6067, SL 6157.

4.         Target of first -ww met.

5.         Target met without giving chance of an entry.

6.         Nifty opened up with a slight gap and quickly reacted. However, it recovered late in the day to make a lower high and a higher low than those yesterday before closing -ve and also below yesterday's close. The target of first -ww of the first post was met as also the target of 9.30 strategy trade but without giving chance of an entry. The daily candle is a hanging man.

The intraday chart of nifty spot values with 5 min candles is shown below.

Daily_Nifty_VP's View-28/05/13

LEADER POST for Tuesday (28/05/13)

1.         Supports are at about 6053, 6043, 6020 and 5936 while resistances are at about 6094, 6150 and 6171. Two +WWs give about 6184 (once above 6099) and 6240 (once above 6109) (+WWs with higher targets are not mentioned as of now). A -WW gives about 6011 (once below 6047) (-WWs with lower targets are not mentioned presently). Two rising wedges have broken down and can give about 5928/5867 unless nifty goes up and remains above 6100. A falling channel has broken out and can give 6138 unless nifty goes down again. A complex HnS can give 5928/5867 unless nifty goes and remains above 6100. A bullish flag can give higher level unless killed below 6050.

Nifty rose sharply to close a bit below 6100 confirming reversal of Friday's hammer. However, it is still not bullish unless it closes above 6171 to begin with. If it closes below 5900 then next level can be 200 sma, which is at about 5760+. A high value of VIX and PCR can cause sharp and sudden movements. Only a noticeable drop in them along with global cues and/or liquidity can take nifty up further. Trade carefully as expiry is near.

2.         PCR up at 1.18 and VIX down at 17.03. Pre-open data suggests a +ve nifty after a flattish open unless it remains below 6086 by afternoon.

3.         AS PER 9.30 STRATEGY, BUY BELOW 6080NF, TARGET 6117, SL 6050.

4.         SL hit. Now sell above 6063NF, target 6025, SL 6093.

5.         But I feel it's buy on dips unless NS goes below 6012.

6.         SL for reverse trade hit. Now long again.

7.         Target of original 9.30 strategy trade met.

8.         Nifty opened flat, rose a bit but then fell, only to rise sharply later to make a higher high and low than those yesterday before closing +ve and also yesterday's close. The target of bullish flag of the first post was met. But the target of 9.30 strategy trade was first barely missed and then SLs of either side trades were hit on either side trade and then target of original trade was met.

The intraday chart of nifty spot values with 5 min candles is shown below.

Daily_Nifty_VP's View-27/05/13

LEADER POST for Monday (27/05/13)

1.         Supports are at about 5974, 5962, 5942, 5919, 5888, 5877 and 5860 while resistances are at about 6001, 6019, 6036, 6044, 6060, 6082, 6101 and 6124. Previous lower levels to watch are 5928 and 5867. Four +WWs give about 6018 (once above 5971), 6020 (once above 5962), 6024 (once above 5957) and 6041 (once above 5951) (+WWs with higher targets are not mentioned as of now). Two -WWs give about 5880 and 5836 (-WWs with lower targets are not mentioned presently). Two rising wedges have broken down and can give about 5928/5867 unless nifty goes up and remains above 6083. A falling wedge BO can give 6138 unless nifty goes below 5928.

Nifty recovered a bit but its bearish sentiment may not be over. The weekly candle is big bearish engulfing. However, daily candle is a hammer and there is a mild +ve div on daily chart. Also, if nifty closes well above 6035 by 31st May, the monthly candle will be fine. The only hope for bulls now is a reversal from present level or a sharp reversal from 5920/5860 zone in one day. If it closes below 5900 then next level can be 200 sma, which is at about 5750+. A very high value of VIX and PCR have caused sharp and sudden movements in the last few days. Only a noticeable drop in them along with global cues and/or liquidity can take nifty up. Trade carefully as expiry is near.

2.         PCR flat at 1.12 and VIX down at 17.70.

3.         Pre-open data suggests a +ve nifty after a slight gap up open unless it remains below 5989 till afternoon.

4.         AS PER 9.30 STRATEGY, BUY BELOW 5989NF, TARGET 6034, SL 5959.

5.         Targets of first three +WWs of the first post met.

6.         Target met without giving a chance of an entry.

7.         Target of fourth +ww of the first post also met.

8.         Nifty opened up with a slight gap but rose quickly and then remained flat till afternoon before making a sharp upmove again. It thus made a higher high and low than those on Friday before closing strongly +ve and also strongly above Friday's close. The targets of all the four +WWs of the first post were met. The target of 9.30 strategy trade was also met but without giving chance of an entry.

The intraday chart of nifty spot values with 5 min candles is shown below.

Daily_Nifty_VP's View-24/05/13

LEADER POST for Friday (24/05/13)

1.         Supports are at about 5955, 5888 and 5860 while resistances are at about 6010, 6036, 6075, 6100 and 6121. Previous lower levels to watch are 5928 and 5867. Three +WWs give about 6013 (once above 5971), 6104 (once above 6039) and 6166 (once above 6100) (+WWs with higher targets are not mentioned as of now). Three -WWs give about 5050, 5944 and 5881 (-WWs with lower targets are not mentioned presently). Two rising wedges have broken down and can give about 5928/5867 unless nifty reverses from here and goes above 6071. A falling wedge BO can give 6138 unless nifty goes below 5936. A bearish flag can give about 5900 unless it reverses from here and goes above 6040.

Nifty fell sharply again on global clues and just managed to close above 5950 continuing its downmove for the fourth straight day. The weekly candle will most probably be bearish engulfing unless it closes above 6100 on Friday. Even if it closes well above 6035 by 31st May, the monthly candle will be fine. It has taken support from 34 ema on daily chart and the only hope now is a reversal from present level or a sharp reversal from 5880/5920 zone on Friday itself. If it closes below 5900 then next level can be 200 sma, which is at about 5750. A very high value of VIX and PCR have caused sharp and sudden movements in the last few days. Only a noticeable drop in them along with global cues and/or liquidity can take nifty up.

2.         Pre-open data suggests a +ve nifty after a gap up open, unless it remains below 6010 till afternoon.

3.         AS PER 9.30 STRATEGY, SELL ABOVE 6000NF, TARGET 5955, SL 6030.

4.         Target met without giving chance of an entry.

5.         Targets of first two -WWs of the first post met.

6.         Nifty opened up with a gap but reacted quickly to make a lower high and low than those yesterday before rising again to close -ve but above yesterday's close. The targets of first two -WWs of the first post were met. Also met was target of 9.30 strategy trade but without giving chance of an entry. The entry was available in the afternoon but the target wasn't met again. The daily candle is a hammer while the weekly candle is bearish engulfing.

The intraday chart of nifty spot values with 5 min candles is shown below.

Daily_Nifty_VP's View-23/05/13

LEADER POST for Thursday (23/05/13)

1.         Supports are at about 6053, 6033 and 6020 while resistances are at about 6118, 6129, 6156 and 6201. Six +WWs give about 6153 (once above 6094), 6159 (once above 6099), 6194 (once above 6078), 6200 (once above 6116), 6203 (once above 6097) and 6218 (once above 6041, which is yet to be reached) (+WWs with higher targets are not mentioned as of now). Three -WWs give about 6039, 5989 and 5947 (once below 6094) (-WWs with lower targets are not mentioned presently). A rising wedge has broken down and can give about 5976 unless nifty reverses and goes up again. A falling channel BO can give 5230 if nifty goes and remains above 6120. A bullish flag can give much higher level unless killed below 6065 while a bearish flag can give lower level unless killed above 6116.

Nifty fell again and closed below 6100 continuing its bearish sentiment. If it closes below 6080 to begin with and then 6000, it will be a cause of concern for short term uptrend. A very high value of VIX and PCR are causing cause sharp and sudden movements. Only global cues and/or liquidity can take nifty up. Once again, be careful of high volatility as nifty approaches the all time high.

2.         Pre-open data suggests a +ve nifty after a gap down open unless it remains below 6050 by afternoon.

3.         AS PER 9.30 STRATEGY, SELL ABOVE 6070NF, TARGET 6032, SL 6100.

4.         Target met without giving chance of an entry.

5.         Target of first -ww and bearish flag of the first post met.

6.         Gap on 15 May filled.

7.         Target of second -ww and that of BD of rising wedge of the first post met.

8.         Nifty opened gap down and kept going down. Targets of first two -WWs, BD of rising wedge and bearish flag of the first post were met. Target of 9.30 strategy trade was also met but without giving chance of an entry.

The intraday chart of nifty spot values with 5 min candles is shown below.

Daily_Nifty_VP's View-22/05/13

LEADER POST for Wednesday (22/05/13)

1.         Supports are at about 6085, 6045 and 6013 while resistances are at about 6127, 6139, 6167 and 6180. Five +WWs give about 6150 (once above 6107), 6186 (once above 6112), 6194 (once above 6145), 6200 (once above 6158) and 6275 (once above 6102) (+WWs with higher targets are not mentioned as of now). Three -WWs give about 6038, 5994 (once below 6083) and 5967 (once below 6142) (-WWs with lower targets are not mentioned presently). A rising wedge has broken down and can give about 5976 unless nifty reverses and goes up again. A falling wedge BO can give 5215 unless nifty goes below 6080. A bullish flag can give much higher level unless killed below 6065 while a bearish flag can give lower level unless killed above 6150.

Nifty fell again and closed below 6150 continuing its bearish sentiment. If it closes below 6000, it will be a cause of concern for short term uptrend. Also, a very high value of VIX and PCR are causing cause sharp and sudden movements. Only global cues and/or liquidity can take nifty further up. Once again, be careful of high volatility as nifty approaches the all time high.

2.         PCR down at 1.19 and VIX up at 17.88. Pre-open data suggests a +ve nifty after a small gap up open unless it remains below 6127 till afternoon.

3.         AS PER 9.30 STRATEGY, BUY BELOW 6147NF, TARGET 6180, SL 6117.

4.         If SL is hit, sell above 6122NF, target 6088, SL 6152.

5.         SL hit.

6.         Target of bearish flag of the first post met.

7.         Target of reverse trade met.

8.         Nifty opened up with a small gap and tried to go up but failed and reacted to make a lower high and low than those yesterday before closing -ve and also below yesterday's close. The target of first +ww of the first post was just missed but that of bearish flag was met. The SL of 9.30 strategy trade was hit and the target of reverse trade was met.

The intraday chart of nifty spot values with 5 min candles is shown below.

Daily_Nifty_VP's View-21/05/13

LEADER POST for Tuesday (21/05/13)

1.         Supports are at about 6133, 6117, 6033 and 6007 while resistances are at about 6176, 6194, 6207, 6231 and 6270. Two +WWs give about 6191 (once above 6170) and 6260 (once above 6120, which is yet to be reached) (+WWs with higher targets are not mentioned as of now). Five -WWs give about 6110 (once below 6159), 6052 (once below 6141), 6009 (once below 6157), 6001 (once below 6170) and 5967 (once below 6139) (-WWs with lower targets are not mentioned presently). A rising wedge seems to have brone down and can give about 5976 unless nifty goes and remains above 6221. A bullish flag can give much higher level unless killed below 6065 while a bearish flag can give lower level unless killed above 6190.

Nifty fell after making a new high but managed to close above 6150 giving hint of a further fall. The daily candle is bearish engulfing and the -ve div on daily and weekly chart persists and long holders need to be careful. Also, a very high value of VIX and PCR can cause sharp and sudden falls and rises. Only global cues and/or liquidity can take nifty further up. Once again, be careful of high volatility as nifty approaches the all time high.

2.         PCR down at 1.22 and VIX up at 17.71. Pre-open data suggests a +ve nifty after a flattish open unless nifty remains below 6150 by afternoon.

3.         AS PER 9.30 STRATEGY, SELL ABOVE 6152NF, TARGET 6122, SL 6182.

4.         If SL is hit, buy below 6184NF, target 6215, SL 6154.

5.         3.20 (points) short of target and then SL hit.

6.         SL of reverse trade also hit.

7.         Target of original trade met.

8.         Target of first -ww of the first post met.

9.         Nifty opened down with a slight gap, made a lower high and low than those yesterday before closing -ve and also below yesterday's close. The targets of first -WW and bearish flag of the first post were met. However, the SL of both side trades of 9.30 strategy were hit before giving target of the original trade.

The intraday chart of nifty spot values with 5 min candles is shown below.

Daily_Nifty_VP's View-20/05/13

LEADER POST for Monday (20/05/13)

1.         Supports are at about 6155, 6137 and 6041 while resistances are at about 6195, 6219 and 6245. A +WW gives about 6230 (+WWs with higher targets are not mentioned as of now). Four -WWs give about 6144 (once below 6183), 6110 (once below 6150), 6043 (once below 6170) and 6033 (once below 6198) (-WWs with lower targets are not mentioned presently). A rising wedge break down can give about 5985 if nifty goes and remains below 6133. A bullish flag can give much higher level unless killed below 6045.

Nifty rose and again closed above 6150 after barely falling short of 6200 and continues to give a very bullish signal. It thus prevented formation of a Hanging man on weekly chart. Also, it is at a new high since mid Nov '10. However, -ve div on daily chart remains and long holders need to be careful. Also, a very high value of VIX and PCR can cause sharp falls and rises as seen this week. Only global cues and/or liquidity can take nifty further up. Once again, be careful of high volatility as nifty approaches the all time high.

2.         PCR up at 1.26 and VIX down at 17.57. Pre-open data suggests a -ve nifty after a small gap up open unless it crosses and remains above 6200 by afternoon.

3.         AS PER 9.30 STRATEGY, BUY BELOW 6207NF, TARGET 6252, SL 6177.

4.         Target of +WW of the first post considered met.

5.         SL hit.

6.         Target of first -ww of the first post considered met.

7.         Since SL was hit, the trade was to sell above 6206NF, target 6159, SL 6236. As can be seen, target was met without giving a chance of an entry.

8.         Nifty opened up with a small gap and quickly made a new high. But it reacted sharply after 11am and made the same low as that on Friday. The targets of +WW and the first -ww of the first post were met. However, SL of 9.30 strategy trade was hit late in the day and the target of reverse trade was met without giving a chance of an entry. Daily candle is bearish engulfing.

The intraday chart of nifty spot values with 5 min candles is shown below.

Daily_Nifty_VP's View-17/05/13

LEADER POST for Friday (17/05/13)

1.         Supports are at about 6155, 6133, 6106, 6055, 6041 and 6008 while resistances are at about 6184, 6193, 6219 and 6244. A +WW gives about 6195 (+WWs with higher targets are not mentioned as of now). Three -WWs give about 6137 (once below 6167), 6109 (once below 6142) and 6033 (once below 6183) (-WWs with lower targets are not mentioned presently). A rising wedge break down can give about 5985 if nifty goes and remains below 6133. A bullish flag can give much higher level unless killed below 6045.

Nifty rose again and closed above 6150 and continues to give a very bullish signal. However, nifty has to close well above 6162 on Friday to avoid formation of a Hanging man on weekly chart, a bearish sign. Also, a -ve div has appeared on daily chart and long holders need to be careful. Also, a very high value of VIX and PCR can cause sharp falls and rises as seen this week. Only global cues and/or liquidity can take nifty further up. Once again, be careful of high volatility.

2.         Pre-open data suggests a -ve nifty after a flattish open unless it remains above 6173 by afternoon.

3.         AS PER 9.30 STRATEGY, SELL ABOVE 6173NF, TARGET 6138, SL 6203.

4.         If SL is hit, buy below 6196NF, target 6232, SL 6166.

5.         SL hit.

6.         Target of +WW of the first post met.

7.         Nifty opened flattish, tried to go up but quickly reacted. It then remained in a small range of about 31 points before rising suddenly in the last 30min to close +ve and also above yesterday's close. It also made a new high since 13/11/10 and closed at a new high since 12/11/10. The target of +WW of the first post was met but the SL of 9.30 strategy trade was hit near end of day and hence the target of reverse trade was not met. The daily candle is like a Doji.

The intraday chart of nifty spot values with 5 min candles is shown below.

Daily_Nifty_VP's View-16/05/13

LEADER POST for Thursday (16/05/13)

1.         Supports are at about 6125, 6081, 6044 and 5995 while resistances are at about 6175 and 6220. Previous higher level to watch is 6812. (+WWs with higher targets are not mentioned as of now). A number of small and big -WWs give about 6128 (once below 6152), 6104 (once below 6135), 6052 (once below 6113), 6024 (once below 6161) and 5960 (once below 6119) (-WWs with lower targets are not mentioned presently). A rising wedge break down can give about 5985 if nifty goes and remains below 6145. A bullish flag can give much higher level unless killed below 6045.

Nifty rose sharply and closed just below 6150 and gave a very bullish signal. However, a -ve div has appeared on daily chart and long holders need to be careful. Also, a very high value of VIX and PCR can cause sharp falls and rises as seen this week. Only global cues and/or liquidity can take nifty further up. Once again, be careful of high volatility.

2.         PCR up at 1.25 and VIX up at 18.13. Pre-open data suggests a +ve nifty after a small gap down open unless it remains below 6128 till afternoon.

3.         AS PER 9.30 STRATEGY, BUY BELOW 6161NF, TARGET 6206, SL 6131.

4.         Nifty opened down with a small gap but rose sharply to make a higher high and then remained in a range of about 33 points to make a higher low before closing +ve and also above yesterday's close. It thus made a new high since 16/11/10 and closed at a new high since 12/11/10. However, target of 9.30 strategy was missed by 8 points.

The intraday chart of nifty spot values with 5 min candles is shown below.

Daily_Nifty_VP's View-15/05/13

LEADER POST for Wednesday (15/05/13)

1.         Supports are at about 5977, 5928 and 5912 while resistances are at about 6018, 6042 and 6062. Previous lower levels to watch are 5928 and 5867. Four likely +WWs give about 6002, 6032 (once above 5963, which is yet to be reached), 6040 and 6088 (once above 6040) (+WWs with higher targets are not mentioned as of now). (-WWs with lower targets are not mentioned presently). Two rising wedges seem to have broke down and can give about 5936/5867 unless nifty goes above 6088 again. A falling wedge seems to have broken out and can give about 6088 unless nifty reverses and keeps going down. A bearish flag can give much lower level unless killed above 6045.

Nifty closed below 6000 again. More selling will come in case of a close below 5930. However, daily candle is a Doji indicating uncertainty and nifty can reverse. A close above 6110 is required for resumption of the uptrend. Only global cues and/or liquidity (including from DIIs) can take nifty further up. Volatility may remain high as nifty tries to find its bearings.

2.         Pre-open data suggests a -ve nifty after a small gap up open unless it remains above 6020 by afternoon.

3.         AS PER 9.30 STRATEGY, BUY BELOW 6031NF, TARGET 6072, SL 6001.

4.         Target met without giving a chance of an entry.

5.         Targets of first three +WWs met. Targets of first three +WWs met.

6.         Falling wedge BO target of the first post.

7.         Target of fourth +WW of the first post also met.

8.         Nifty opened up with a gap and never looked back. It kept rising to make a new high since 5/1/11 and closed at a new high since 4/1/11. It thus closed very strongly +ve and also strongly above yesterday's close. What's more it more than made up the loss on 13th May. The targets of all the four +WWs and that of BO of falling wedge of the first post were met. Also met was the target of 9.30 strategy trade but without giving chance of an entry. The daily candle is a big bullish Marubozo.

The intraday chart of nifty spot values with 5 min candles is shown below.

Daily_Nifty_VP's View-14/05/13

LEADER POST for Tuesday (14/05/13)

1.         Supports are at about 5927 and 5865 while resistances are at about 6011, 6022, 6057 and 6081. Previous lower levels to watch are 5928 and 5867. Three likely +WWs give about 6072 (once above 6043), 6096 (once above 6037) and 6104 (once above 6052) (+WWs with higher targets are not mentioned as of now). (-WWs with lower targets are not mentioned presently). Two rising wedges seem to have broke down and can give about 5936/5867 unless nifty goes above 6081 again. A falling wedge can give about 6088 if nifty remains above 5974. A bearish flag can give much lower level unless killed above 6045.

Nifty fell sharply and wiped out the gain of last five days. It has thus suddenly turned bearish. More selling will come in case of a close below 5930. Only global cues and/or liquidity (including from DIIs) can take nifty further up. Volatility may remain high as nifty tries to find its feet.

2.         PCR down at 1.16 and VIX up at 17.51. Pre-open data suggests a mildly +ve nifty after a slight gap up open, unless it remains below 5986 till afternoon.

3.         AS PER 9.30 STRATEGY, BUY BELOW 6011NF, TARGET 6039, SL 5981.

4.         If SL is hit, sell above 5979NF, target 5949, SL 6009.

5.         SL hit now short.

6.         SL of reverse trade hit. Long again.

7.         Target of 9.30 strategy trade met.

8.         Nifty opened up with a small gap but was very volatile in a range of about 56. It made a lower high and low than those yesterday before closing marginally +ve and also above yesterday's close. The SLs of 9.30 strategy trade were hit on either side before finally giving target of original trade. The daily candle is a Doji.

The intraday chart of nifty spot values with 5 min candles is shown below.

Daily_Nifty_VP's View-13/05/13

LEADER POST for Monday (13/05/13)

1.         In the absence of NS/NF chart updated till 11/05, I am forced to post taking cue from Saturday's thread.

Supports are at about 6087, 6068, 6043 and 6018 while resistances are at about 6128, 6143 and 6220. Weekly TL resistance is at about 6255 for next week. Previous lower and higher levels to watch are 6025 and 6181. A likely +WW gives about 6130 (+WWs with higher targets are not mentioned as of now). Four likely -WWs give about 6076 (once below 6126, which is yet to be reached), 6035, 6027 and 6021 (once below 6120, which is yet to be reached) (-WWs with lower targets are not mentioned presently). Two rising wedges can give about 5936/5867 upon BD below 6085.

Nifty rose again and closed at a new yearly high above 6100 and at a new weekly high since 31/12/10. Both the daily and weekly candles are Marubuzo. First sign of weakness and selling will come in case of a close below 6080 and then 6018. Only global cues and/or liquidity (including from DIIs) can take nifty further up. Volatility may remain high as nifty tries to rise further.

2.         Targets of all the four -WWs met.

3.         Nifty opened down with a slight gap but quickly reacted and continued to slide. It made a lower high and lower low than previous five days before closing strongly -ve and also strongly below Saturday's close. The targets of all the four -WWs of the first post were met. The daily candle is a big bearish Marubuzo.

The intraday chart of nifty spot values with 5 min candles is shown below.

Daily_Nifty_VP's View-11/05/13

LEADER POST for Saturday (11/05/13)

1.         Supports are at about 6087, 6068, 6043 and 6018 while resistances are at about 6126, 6142 and 6220. Previous lower and higher levels to watch are 5928 and 6112/6181. A likely +WW gives about 6130 (+WWs with higher targets are not mentioned as of now). Four likely -WWs give about 6078 (once below 6125, which is yet to be reached), 6036, 6029 and 6023 (once below 6120, which is yet to be reached) (-WWs with lower targets are not mentioned presently). Two rising wedges can give about 5936/6857 upon BD below 6070.

Nifty rose again and closed just below 6100, above TL from Nov '10 high and at a new daily high since 5/1/11. The daily candle is a Marubuzo. First sign of weakness and selling will come in case of a close below 6018. Since Saturday is an extended session, a weekly close above 6083 is a must to maintain the trend. Only global cues and/or liquidity (including from DIIs) can take nifty further up. Volatility may remain high. Being a narrow 1.30 hour session, trade lightly.

2.         Pre-open data suggests a -ve nifty after a slight gap down open unless it goes above 6105.

3.         AS PER 15TF CLOSE STRATEGY, BUY BELOW 6121NF, TARGET 6147, SL 6091.

4.         Nifty opened down with a slight gap but then kept rising to close +ve and also above yesterday's close. Being a short session, none of the targets were met. However, the highlights of session were (a) a new high of 2013, (b) highest close of 2013, (c) highest daily close since 4/1/11 and (d) highest weekly close since 31/12/10. Both the daily and weekly candles are Marubuzo.

The intraday chart of nifty future values with 5 min candles is shown below.

Daily_Nifty_VP's View-10/05/13

LEADER POST for Friday (10/05/13)

1.         Supports are at about 6042, 6025, 6017 and 5997 while resistances are at about 6077, 6088 and 6110. Previous lower and higher levels to watch are 5928 and 6111. Three likely +WWs give about 6064, 6105 and 6130 (+WWs with higher targets are not mentioned as of now). Four likely -WWs give about 6027, 6009, 6003 and 5984 (-WWs with lower targets are not mentioned presently). A bullish flag can give much higher level unless killed below 5700. A rising wedge seems to have broken down and can give about 5936 unless nifty goes and remains above 6088.

Nifty reacted and barely managed to close above 6050 and hints at further dips. However, both the weekly and monthly candles are bullish and it may not go down much. First sign of weakness will come in case of a close below 6017 on Friday. A weekly close above 6087/6112 will be bullish. Only global cues and/or liquidity (including from DIIs) can take nifty further up. Volatility may remain high.

2.         PCR up at 1.23 and VIX down at 16.60. Pre-open data suggests a -ve nifty after a small gap down open unless it remains above 6060 till afternoon.

3.         AS PER 9.30 STRATEGY, BUY BELOW 6068NF, TARGET 6098, SL 6038.

4.         Target of first +ww met.

5.         Target achieved.

6.         Target of second +ww also met.

7.         Nifty opened down with a slight gap, tried to go up but reacted again. However, it made a double bottom and rose sharply after noon to make a higher high and low than those yesterday before closing +ve and also above yesterday's close. It also closed at a new daily high since 5/1/11. The targets of first two +WWs of the first post as well as that of 9.30 strategy trade were met. The daily candle is a Marubuzo.

The intraday chart of nifty spot values with 5 min candles is shown below.

Daily_Nifty_VP's View-09/05/13

LEADER POST for Thursday (09/05/13)

1.         Supports are at about 6024, 6010, 5995, 5978 and 5960 while resistances are at about 6095 and 6130. Previous lower and higher levels to watch are 5928 and 6111. A likely +WW gives about 6120 (+WWs with higher targets are not mentioned as of now). Six likely -WWs give about 6049 (once below 6070), 6042 (once below 6073), 6035 (once below 6071), 6025 (once below 6086), 6023 (once below 6059) and 5987 (once below 6026) (-WWs with lower targets are not mentioned presently). A bullish flag can give much higher level unless killed below 5700. A rising wedge can give about 5936 in case of a BD below 6061.

Nifty rose again to close above 6050, at a new high since 5th Jan and is bullish. But it reacted from the TL from Nov '10 to Jan '13 and may go down a bit more. Also, the daily candle is a hanging man, a likely bearish sign. A close below 6064, particularly with a gap down open will confirm it. However, both the weekly and monthly candles are bullish and it may not go down much. 6115-30 may be a resistance zone this week while 5980 may provide support on Thursday. A weekly close above 6075/6083/6112 will be bullish. A daily close below 5950 may be bad. 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. Volatility may remain high.. Also, the daily candle is a hanging man, a likely bearish sign. A close below 6064, particularly with a gap down open, will confirm it. However, both the weekly and monthly candles are bullish and it may not go down much. 6115-30 may be a resistance zone this week while 5980 may provide support on Thursday. A weekly close above 6075/6083/6112 will be bullish. A daily close below 5950 may be bad. 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. Volatility may remain high.

2.         PCR up at 1.22 and VIX up at 16.76. Pre-open data suggests a -ve nifty after a slight gap up open unless it remains above 6102 till afternoon.

3.         AS PER 9.30 STRATEGY, SELL ABOVE 6083NF, TARGET 6044, SL 6113.

4.         Target of 9.30 strategy trade met.

5.         Targets of first two -WWs met.

6.         Nifty opened up with a small gap but reacted immediately. It tried to make a recovery but reacted again. It made a higher high and low than those yesterday before closing -ve and also below yesterday's close. The targets of first two -WWs of the first post as well as that of 9.30 strategy trade were met.

The intraday chart of nifty spot values with 5 min candles is shown below.

Daily_Nifty_VP's View-08/05/13

LEADER POST for Wednesday (08/05/13)

1.         Supports are at about 6035, 5996, 5972, 5958 and 5900 while resistances are at about 6055 and 6130. Previous lower and higher levels to watch are 5860 and 6111. Two likely +WWs give about 6070 and 6090 (+WWs with higher targets are not mentioned as of now). Five likely -WWs give about 6032 (once below 6045), 6013 (once below 6035), 6003, 5991 (once below 6019) and 5900 (once below 5989) (-WWs with lower targets are not mentioned presently). A bullish flag can give much higher level unless killed below 5700. A rising wedge can give about 5936 in case of a BD below 6035 while a rising channel can give about 5867 in case of a BD below 5982.

Nifty rose sharply again to close above 6000 and is bullish. The monthly candle is also bullish. However, I feel 6115-30 may be a strong resistance zone this week while 5965 may provide support on Wednesday. A close below 5950 may be bad. 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. Volatility may remain high.

2.         PCR up at 1.20 and VIX up at 16.50. Pre-open data suggests a -ve nifty after a small gap open unless it remains above 6044 till afternoon.

3.         AS PER 9.30 STRATEGY, SELL ABOVE 6051NF, TARGET 6021, SL 6081.

4.         Be careful of volatility.

5.         If SL is hit, buy below 6082NF, target 6113, SL 6052.

6.         Target of first +ww met.

7.         Target of first -ww met.

8.         SL hit.

9.         Nifty opened up with a gap and quickly reacted but recovered again by noon to make a higher low and high than those yesterday before closing +ve and also above yesterday's close. The targets of first +ww and -ww of the first post were met. The target of 9.30 strategy trade was just missed and then its SL was hit too late in the day to give target of reverse trade. The daily candle is a hanging man.

The intraday chart of nifty spot values with 5 min candles is shown below.

Daily_Nifty_VP's View-07/05/13

LEADER POST for Tuesday (07/05/13)

1.         Supports are at about 5961, 5943, 5926, 5915, 5898, 5885 and 5850 while resistances are at about 5986, 6013, 6030 and 6055. Previous lower and higher levels to watch are 5860 and 6020. Three likely +WWs give about 6013, 6025 and 6045 (+WWs with higher targets are not mentioned as of now). Two likely -WWs give about 5957 (once below 5982, which is yet to be reached) and 5933 (once below 5975) (-WWs with lower targets are not mentioned presently). A bullish flag can give much higher level unless killed below 5700. Nifty seems to have broken out of a DT and a ST and may go to 6030. But if this BO is false, their BD may give 5880/90.

Nifty rose again to close above 5950 and, particularly, just above 5971, the previous level from which it had reacted a few times earlier. The daily candle is a combination of an imperfect Harami and an imperfect Western Inside Session, indicating a possibility of reversal/further consolidation and also a possible lull before the storm. However, monthly candle is still bullish. A close below 5850 will intensify 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. Volatility may remain high for a few days.

2.         PCR up at 1.14 and VIX up at 15.84. Pre-open data suggests a +ve nifty after a small gap up open unless it remains below 5950 till afternoon.

3.         AS PER 9.30 STRATEGY, BUY BELOW 6002NF, TARGET 6033, SL 5972.

4.         Target of 9.30 strategy trade met.

5.         Targets of first two +WWs and those of BO of DT and ST mentioned in the first post met.

6.         Target of third +ww of the first post met.

7.         Nifty opened up with a small gap, remained in a range of about 25 points before making its upmove in the afternoon. It made a higher high and low than those yesterday before closing strongly +ve and also strongly above yesterday's close. It also closed at a new high since 31st Jan. The targets of the three +WWs and those of the BO of AT and ST of the first post were met as also the target of 9.30 strategy trade.

The intraday chart of nifty spot values with 5 min candles is shown below.