1. Supports are at about 5895, 5863, 5852
and 5825 while resistances are at about 5934, 5947, 5967, 5982, 6032 and 6087.
Two likely +WWs give about 6001 and 6041 (+WWs with higher targets are not
mentioned as of now). A likely -WW can give about 5882 (-WWs with lower targets
are not mentioned presently). A rising wedge has broken down and can give about
5867 unless nifty reverses and goes up. A complex HnS can give about 5860
unless nifty reverses and goes up. Two falling wedges can give 6060/6130 upon
BO unless nifty goes down again. A bullish flag can give higher level unless
killed below 5900.
Nifty rose again a bit to close above 5900 but seems uncertain. However,
the daily candle is a doji, a likely reversal sign. Also, a +ve div has
developed on lower TFs. It now needs to close above 6032 and then 6087 to go up
further. VIX and PCR are still high and can cause sharp volatility. Only global
cues and/or liquidity can save nifty from more severe fall.
2. PCR up at 0.99 and VIX up at 17.35.
Pre-open data suggests a +ve nifty after a small gap down open unless it
remains below 5900 till afternoon.
3. AS PER 9.30 STRATEGY, SELL ABOVE
5945NF, TARGET 5889, SL 5975.
4. If SL is hit, buy below 5922NF, target
5978, SL 5892.
5. SL hit.
6. A new -ww can give 5929NS.
7. Target of above -ww met.
8. Target of -ww of the first post also
met.
9. SL of reverse trade also hit and target
of original trade met but without getting chance of an entry.
10. Nifty opened gap down and rose sharply to
make a higher high. However, it then fell sharply too and just managed to make
a higher low by about 2 points before closing -ve and also below yesterday's
close. The targets of -ww of the first post as well as that of a -ww identified
during the day were met. SLs of 9.30 strategy were hit on either side before
giving target of original trade but without giving chance an entry. The daily
candle is an inverted hammer.
The
intraday chart of nifty spot values with 5 min candles is shown below.
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