1. Supports are at about 6100,
6081, 6055 and 6005 while resistances are at about 6118, 6141 and 6171. Four
+WWs give about 6121, 6174, 6202 and 6280 (+WWs with higher targets are not mentioned
as of now). Three -WWs give about 6067, 6043 and 6025 (-WWs with lower targets
are not mentioned presently). A rising wedge BD can give about 5936 unless
nifty remains above 6118. A falling channel has broken out and can give 6138
unless nifty goes down again. A complex HnS can give 5928/5867 if nifty goes
down and remains below 6057.
Nifty reacted a bit but managed to close
above 6100. However, it is still not bullish unless it closes above 6168 to
begin with. The daily candle is a hanging man, a bearish sign, which will be
confirmed if nifty closes well below 6104, particularly after a gap down open.
If it closes below 6050, it may slide further. 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
Thursday is expiry day.
2. Pre-open data suggests a +ve nifty
after a gap down open unless it remains below 6072 till afternoon.
3. 6072 is a crucial level as is 6118.
4. AS PER 9.30 STRATEGY, BUY BELOW 6040NF,
TARGET 6097, SL 6010.
5. Target met without giving chance of an
entry.
6. Target of first +WW of the first post
met late in the day. Also, target of BO of falling channel of the first post
considered met.
7. Nifty opened down with a gap but that
was the low of the day. It rose slowly, despite volatility, to make a higher
high and low than those yesterday. It also made a new high since 22nd May. The
target of first +WW and the that of the BO of falling channel of the first post
were met. The target of 9.30 strategy trade was also met but without giving
chance of an entry. The important aspect was that the crucial level of 6072 was
held and the level of 6118 was crossed.
The intraday
chart of nifty spot values with 5 min candles is shown below.
No comments:
Post a Comment