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.
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