1. Supports are at about 5928, 5873 and
5840 while resistances are at about 5997, 6018, 6054, 6118 and 6145. Five
likely +WWs give about 5965 (once above 5937), 6020 (once above 5968), 6037/6077
(once above 5904) and 6056 (once above 5965)(+WWs with higher targets are not
mentioned as of now). (-WWs with lower targets are not mentioned presently). A
rising wedge have broken down and can give about 5867 unless nifty reverses and
goes up. A complex HnS can give 5867 unless nifty reverses and goes up. A
falling channel can give 6060 upon BO unless nifty goes down again. A bearish
flag gives lower level unless killed above 6015.
Nifty fell sharply again to close below 5950 and seems destined to fall
much more. It now needs to close above 6015/60/6100 to go up further. VIX and
PCR are still high and can cause sharp moves. Only global cues and/or liquidity
can save nifty from more severe fall.
2. PCR down at 0.98 and VIX up at 17.29.
Pre-open data suggests a +ve nifty after a flattish open unless it remains
below 5941 till afternoon.
3. AS PER 9.30 STRATEGY, BUY BELOW 5940NF,
TARGET 5993, SL 5910.
4. Target met without giving a chance of
an entry.
5. Nifty opened flat and rose about 40
point thereby hinting at a recovery but it was short lived as it fell again to
make a lower low. Finally it closed -ve near the low of the day and also below
yesterday's close. The target of 9.30 strategy was met but once again without
giving chance of an entry. The daily candle is an imperfect inverted hammer.
The
intraday chart of nifty spot values with 5 min candles is shown below.
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