1. Supports are at about 5876,
5849 and 5816 while resistances are at about 5933, 6017 and 6037. The unfilled
gap on the lower side is at about 5700. Four +WWs give about 5941, 6004, 6011 and
6036 (+WWs with higher targets are not mentioned as of now). Two -WWs give
about 5845 (once below 5872) and 5820 (once below 5858) (-WWs with lower
targets are not mentioned presently). A weekly bearish flag gets killed above
6012.
Nifty rose again but failed to close above
5900. The immediate trend looks to be +ve but the short term trend is still
bearish. The rally of last three days still looks more due to short covering
than heavy fresh buying. The daily candle is once again a bullish Marubozo. Also,
weekly chart shows +ve divergence. If 5935/5932 NS/NF is crossed, expect a mini
rally and once above 5973, 6000-6040 are possible. Much higher levels are
possible only in case of a close above 6134. At the same time, a weekly close
below 5730 can cause further fall. VIX and PCR are still high and can cause
sharp volatility. Only global cues and/or liquidity can take nifty further up.
2. PCR down at 1.12 and VIX up at 18.09.
Pre-open data suggests uncertainty after a slight gap down open with a likely
+ve bias unless nifty remains below 5885 by afternoon.
3. AS PER 9.30 STRATEGY, SELL ABOVE 5863NF,
TARGET 5833, SL 5893.
4. Nifty opened down with a slight gap and
tried to go up but failed and slowly slipped to make a lower high and higher
low than those yesterday before closing -ve and also below yesterday's close.
The total range was about 46 points and hence none of the targets were met nor
was SL triggered. The daily candle is an inside bar or an imperfect Harami.
Also, today was a NR7 day.
The intraday
chart of nifty spot values with 5 min candles is shown below.
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