1. Supports are at about 6098, 6082, 6062
and 6042 while resistances are at about 6130, 6171 and 6195. Four +WWs give
about 6155, 6182, 6201 (once above 6077), and 6209 (once above 6092) (+WWs with
higher targets are not mentioned as of now). Four -WWs give about 6085 (once
below 6117), 6039, 6014 (once below 6191, which is yet to be reached) and 6008
(once below 6118) (-WWs with lower targets are not mentioned presently). A
rising wedge BD can give about 5936 unless nifty remains above 6133. A complex
HnS can give 5928/5867 unless nifty remains above 6092. A bullish flag gives
higher level unless killed below 6105.
Nifty rose again and closed at a new weekly high above 6100 and negated the
bearish effect of Wednesday's hanging man. However, it is still not bullish. As
long as Friday closes well above 6032, monthly candle remains bullish while a
close above 6188 makes weekly candle bullish too. 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 Friday is day of GDP
numbers. If GDP comes well below 5% (particularly 4%), we may see a sharp fall.
2. Pre-open data suggests a -ve nifty
after a small gap down open unless it remains above 6101.
3. Target of first -ww met.
4. AS PER 9.30 STRATEGY, SELL ABOVE
6118NF, TARGET 6073, SL 6148.
5. Target met without giving chance of an
entry.
6. Target of second -WW also met.
7. Targets of third and fourth -WWs also
met.
8. Nifty opened gap down and went down
further before remaining in a tight range of about 30 points till afternoon. It
then fell sharply to make same low as that on 27/5. It closed strongly -ve and
also strongly below yesterday's close. The targets of all
the four -WWs of the first post were met. The target of 9.30 strategy trade was
also met but without giving chance of an entry. The daily candle is a big,
bearish Marubuzo, the weekly candle is an inverted hammer cum gravestone doji
while the monthly candle is an inverted hammer.
The intraday
chart of nifty spot values with 5 min candles is shown below.
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