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.
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