1. Supports are at about 5977,
5928 and 5912 while resistances are at about 6018, 6042 and 6062. Previous
lower levels to watch are 5928 and 5867. Four likely +WWs give about 6002, 6032
(once above 5963, which is yet to be reached), 6040 and 6088 (once above 6040)
(+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 6088 again. A falling
wedge seems to have broken out and can give about 6088 unless nifty reverses
and keeps going down. A bearish flag can give much lower level unless killed
above 6045.
Nifty closed below 6000 again. More selling
will come in case of a close below 5930. However, daily candle is a Doji
indicating uncertainty and nifty can reverse. A close above 6110 is required
for resumption of the uptrend. Only global cues and/or liquidity (including
from DIIs) can take nifty further up. Volatility may remain high as nifty tries
to find its bearings.
2. Pre-open data suggests a -ve nifty
after a small gap up open unless it remains above 6020 by afternoon.
3. AS PER 9.30 STRATEGY, BUY BELOW 6031NF,
TARGET 6072, SL 6001.
4. Target met without giving a chance of
an entry.
5. Targets of first three +WWs met.
Targets of first three +WWs met.
6. Falling wedge BO target of the first
post.
7. Target of fourth +WW of the first post
also met.
8. Nifty
opened up with a gap and never looked back. It kept rising to make a new high
since 5/1/11 and closed at a new high since 4/1/11. It thus closed very
strongly +ve and also strongly above yesterday's close. What's more it more
than made up the loss
on 13th May. The targets of all the four +WWs and that of BO of falling wedge
of the first post were met. Also met was the target of 9.30 strategy trade but
without giving chance of an entry. The daily candle is a big bullish Marubozo.
The intraday
chart of nifty spot values with 5 min candles is shown below.
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