1. Supports are at about 5830,
5805 and 5744 while resistances are at about 5879 and 5933. The unfilled gap on
the lower side is at about 5682. Five +WWs give about 5879 (once above 5852),
5900, 5943, 5950 and 6008 (+WWs with higher targets are not mentioned as of
now). Two -WWs give about 5844, and 5820 (-WWs with lower targets are not
mentioned presently). A weekly bearish flag gets killed above 6012.
Nifty reacted but managed to close above
5850. The immediate trend looks to be +ve but the short term trend is still
bearish. The rally of last few days still looks more due to short covering than
heavy fresh buying. The weekly chart shows +ve divergence. If 5935/5932 NS/NF
is crossed, expect a mini rally and once above 5973, 6000/6040 is possible.
Much higher levels are possible only in case of a close above 6134. At the same
time, if nifty doesn't remain above 5879 on Wednesday, 5833 and 5791 are
possible. 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 flat at 1.12 and VIX up at 18.21.
Pre-open data suggests a -ve nifty after a gap down open unless it remains
above 5812 by afternoon.
3. Targets of both the -WWs of the first
post met upon open.
4. AS PER 9.30 STARTEGY, SELL ABOVE
5809NF, TARGET 5772, SL 5839.
5. Target met without giving chance of an
entry.
6. Nifty opened down with a big gap and
kept going down but it seemed to stabilise in the afternoon. It made a lower
high and low than those yesterday before closing -ve and also below yesterday's
close. The targets of both the -WWs of the first post were met as also the
target of 9.30 strategy but without giving chance of an entry.
The intraday
chart of nifty spot values with 5 min candles is shown below.
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