1. Support is at about 5723
while resistances are at about 5834, 5853, 5870 and 5922. Three likely +WWs
give about 5901 (once above 5851), 5980 (once above 5867) and 5985 (once above
5835) (+WWs with higher targets are not mentioned as of now). (-WWs with lower
targets are not mentioned presently). Two falling wedges can give 5972/6130
upon BO above 5823. A bearish flag can give lower level unless killed above
5838.
Nifty fell sharply to close at a new low
below 5800 and seems destined to go to 5700/5625. However, a +ve div persists
CCI on daily chart and on RSI on lower TFs. Nifty needs to close above 5977
first to give some hope to bulls. 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 down at 0.95 and VIX up at 19.49.
Pre-open data suggests an uncertain nifty after a gap down open. +/-ve
above/below 5772 depending upon how this level holds by afternoon.
3. AS PER 9.30 STRATEGY, SELL ABOVE
5762NF, TARGET 5735, SL 5792.
4. If SL is hit, buy below 5795NF, target
5822, SL 5765.
5. SL hit.
6. SL of reverse trade also hit.
7. SL hit for the third time.
8. SL hit for the fourth time.
9. Target of bearish flag of the first
post was also met.
10. Nifty opened gap down but couldn't go up
much and reacted. It did recover later only to fall again. It thus made a lower
high and low than those yesterday before closing -ve and also below yesterday's
close. The SL of 9.30 strategy trade was hit 4 times on either side but neither
side target was met. The daily candle is a morning doji star.
The
intraday chart of nifty spot values with 5 min candles is shown below.
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