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.
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