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.
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