1. Supports are at about 6053, 6043, 6020
and 5936 while resistances are at about 6094, 6150 and 6171. Two +WWs give
about 6184 (once above 6099) and 6240 (once above 6109) (+WWs with higher
targets are not mentioned as of now). A -WW gives about 6011 (once below 6047)
(-WWs with lower targets are not mentioned presently). Two rising wedges have
broken down and can give about 5928/5867 unless nifty goes up and remains above
6100. A falling channel has broken out and can give 6138 unless nifty goes down
again. A complex HnS can give 5928/5867 unless nifty goes and remains above
6100. A bullish flag can give higher level unless killed below 6050.
Nifty rose sharply to close a bit below 6100 confirming reversal of
Friday's hammer. However, it is still not bullish unless it closes above 6171
to begin with. If it closes below 5900 then next level can be 200 sma, which is
at about 5760+. A high value of VIX and PCR can cause sharp and sudden movements.
Only a noticeable drop in them along with global cues and/or liquidity can take
nifty up further. Trade carefully as expiry is near.
2. PCR up at 1.18 and VIX down at 17.03.
Pre-open data suggests a +ve nifty after a flattish open unless it remains
below 6086 by afternoon.
3. AS PER 9.30 STRATEGY, BUY BELOW 6080NF,
TARGET 6117, SL 6050.
4. SL hit. Now sell above 6063NF, target
6025, SL 6093.
5. But I feel it's buy on dips unless NS
goes below 6012.
6. SL for reverse trade hit. Now long
again.
7. Target of original 9.30 strategy trade
met.
8. Nifty opened flat, rose a bit but then
fell, only to rise sharply later to make a higher high and low than those
yesterday before closing +ve and also yesterday's close. The target of bullish
flag of the first post was met. But the target of 9.30 strategy trade was first
barely missed and then SLs of either side trades were hit on either side trade
and then target of original trade was met.
The intraday
chart of nifty spot values with 5 min candles is shown below.
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