1. Supports are at about 6085,
6045 and 6013 while resistances are at about 6127, 6139, 6167 and 6180. Five
+WWs give about 6150 (once above 6107), 6186 (once above 6112), 6194 (once above
6145), 6200 (once above 6158) and 6275 (once above 6102) (+WWs with higher
targets are not mentioned as of now). Three -WWs give about 6038, 5994 (once
below 6083) and 5967 (once below 6142) (-WWs with lower targets are not
mentioned presently). A rising wedge has broken down and can give about 5976
unless nifty reverses and goes up again. A falling wedge BO can give 5215
unless nifty goes below 6080. A bullish flag can give much higher level unless
killed below 6065 while a bearish flag can give lower level unless killed above
6150.
Nifty fell again and closed below 6150
continuing its bearish sentiment. If it closes below 6000, it will be a cause
of concern for short term uptrend. Also, a very high value of VIX and PCR are
causing cause sharp and sudden movements. Only global cues and/or liquidity can
take nifty further up. Once again, be careful of high volatility as nifty
approaches the all time high.
2. PCR down at 1.19 and VIX up at 17.88.
Pre-open data suggests a +ve nifty after a small gap up open unless it remains
below 6127 till afternoon.
3. AS PER 9.30 STRATEGY, BUY BELOW 6147NF,
TARGET 6180, SL 6117.
4. If SL is hit, sell above 6122NF, target
6088, SL 6152.
5. SL hit.
6. Target of bearish flag of the first
post met.
7. Target of reverse trade met.
8. Nifty opened up with a small gap and
tried to go up but failed and reacted to make a lower high and low than those
yesterday before closing -ve and also below yesterday's close. The target of
first +ww of the first post was just missed but that of bearish flag was met.
The SL of 9.30 strategy trade was hit and the target of reverse trade was met.
The intraday
chart of nifty spot values with 5 min candles is shown below.
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