1. Supports are at about 5989,
5971, 5938 and 5889 while resistances are at about 6012, 6040, 6060 and 6110.
Previous lower and higher levels to watch are 5860 and 6111. A +WW gives about
6045 (+WWs with higher targets are not mentioned as of now). Two likely -WWs
give about 5949 (once below 5973) and 5879 (once below 5992) (-WWs with lower
targets are not mentioned presently). Two bullish flags can give higher level
unless killed below 5700/5924.
Nifty rose sharply again to go over 6000
(but just missed closing above 6000) thereby nullifying the bearishness of
Tuesday's imperfect hanging Man and a Doji. The nifty thus indicates a strong
bullish tendency. The monthly candle is also bullish. Nifty now needs to give a
weekly close above at least 5950/65. A close below 5950 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. Friday being the day of RBI policy, volatility
may be high and hence trade carefully.
2. PCR up at 1.09 and VIX up at 16.28.
Pre-open data suggests a +ve nifty after a flattish open unless it remains
below 5995 till afternoon.
3. AS PER 9.30 STRATEGY, SELL ABOVE
5992NF, TARGET 5955, SL 6022.
4. Target of first -ww met.
5. Target of 9.30 strategy trade met but
without giving chance of an entry.
6. However, sell triggered again with
6022NF as SL. Better to sell closer to SL to be safe.
7. Target of 9.30 strategy trade met again
after giving entry.
8. Nifty opened down with a slight gap and
continued to slide. Though it made a sharp rally soon after, it did not sustain
and it slid again 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 met. Also, the target of 9.30 strategy was met twice, once
without giving chance of an entry and later after giving a good chance of an
entry. The daily candle is an Inside Bar while the weekly candles form an
Advance Block Platter.
The intraday
chart of nifty spot values with 5 min candles is shown below.
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