Daily_Nifty_VP's View-29/05/13

LEADER POST for Wednesday (29/05/13)

1.         Supports are at about 6100, 6072, 6063, 6053 and 6046 while resistances are at about 6137, 6171 and 6225. Two +WWs give about 6194 (once above 6097) and 6260 (once above 6068) (+WWs with higher targets are not mentioned as of now). Four -WWs give about 6084 (once below 6135, which is yet to be reached), 6050 (once below 6124), 6042 (once below 6113) and 6008 (once below 6063) (-WWs with lower targets are not mentioned presently). A rising wedge BD can give about 5936 unless nifty remains above 6153. A falling channel has broken out and can give 6138 unless nifty goes down again. A complex HnS can give 5928/5867 if nifty goes down and remains below 6079.

Nifty rose again and closed above 6100. However, it is still not bullish unless it closes above 6170 to begin with. If it closes below 5900 then next level can be 200 sma, which is at about 5760+. A high value of VIX and PCR can cause sharp and sudden movements. Only a noticeable drop in them along with global cues and/or liquidity can take nifty up further. Trade carefully as expiry is near.

2.         PCR up at 1.25 and VIX up at 17.12. Pre-open data suggests a +ve nifty after a slight gap up open unless it remains below 6120 by afternoon.

3.         AS PER 9.30 STRATEGY, SELL ABOVE 6127NF, TARGET 6067, SL 6157.

4.         Target of first -ww met.

5.         Target met without giving chance of an entry.

6.         Nifty opened up with a slight gap and quickly reacted. However, it recovered late in the day to make a lower high and a higher low than those yesterday before closing -ve and also below yesterday's close. The target of first -ww of the first post was met as also the target of 9.30 strategy trade but without giving chance of an entry. The daily candle is a hanging man.

The intraday chart of nifty spot values with 5 min candles is shown below.

Daily_Nifty_VP's View-28/05/13

LEADER POST for Tuesday (28/05/13)

1.         Supports are at about 6053, 6043, 6020 and 5936 while resistances are at about 6094, 6150 and 6171. Two +WWs give about 6184 (once above 6099) and 6240 (once above 6109) (+WWs with higher targets are not mentioned as of now). A -WW gives about 6011 (once below 6047) (-WWs with lower targets are not mentioned presently). Two rising wedges have broken down and can give about 5928/5867 unless nifty goes up and remains above 6100. A falling channel has broken out and can give 6138 unless nifty goes down again. A complex HnS can give 5928/5867 unless nifty goes and remains above 6100. A bullish flag can give higher level unless killed below 6050.

Nifty rose sharply to close a bit below 6100 confirming reversal of Friday's hammer. However, it is still not bullish unless it closes above 6171 to begin with. If it closes below 5900 then next level can be 200 sma, which is at about 5760+. A high value of VIX and PCR can cause sharp and sudden movements. Only a noticeable drop in them along with global cues and/or liquidity can take nifty up further. Trade carefully as expiry is near.

2.         PCR up at 1.18 and VIX down at 17.03. Pre-open data suggests a +ve nifty after a flattish open unless it remains below 6086 by afternoon.

3.         AS PER 9.30 STRATEGY, BUY BELOW 6080NF, TARGET 6117, SL 6050.

4.         SL hit. Now sell above 6063NF, target 6025, SL 6093.

5.         But I feel it's buy on dips unless NS goes below 6012.

6.         SL for reverse trade hit. Now long again.

7.         Target of original 9.30 strategy trade met.

8.         Nifty opened flat, rose a bit but then fell, only to rise sharply later to make a higher high and low than those yesterday before closing +ve and also yesterday's close. The target of bullish flag of the first post was met. But the target of 9.30 strategy trade was first barely missed and then SLs of either side trades were hit on either side trade and then target of original trade was met.

The intraday chart of nifty spot values with 5 min candles is shown below.

Daily_Nifty_VP's View-27/05/13

LEADER POST for Monday (27/05/13)

1.         Supports are at about 5974, 5962, 5942, 5919, 5888, 5877 and 5860 while resistances are at about 6001, 6019, 6036, 6044, 6060, 6082, 6101 and 6124. Previous lower levels to watch are 5928 and 5867. Four +WWs give about 6018 (once above 5971), 6020 (once above 5962), 6024 (once above 5957) and 6041 (once above 5951) (+WWs with higher targets are not mentioned as of now). Two -WWs give about 5880 and 5836 (-WWs with lower targets are not mentioned presently). Two rising wedges have broken down and can give about 5928/5867 unless nifty goes up and remains above 6083. A falling wedge BO can give 6138 unless nifty goes below 5928.

Nifty recovered a bit but its bearish sentiment may not be over. The weekly candle is big bearish engulfing. However, daily candle is a hammer and there is a mild +ve div on daily chart. Also, if nifty closes well above 6035 by 31st May, the monthly candle will be fine. The only hope for bulls now is a reversal from present level or a sharp reversal from 5920/5860 zone in one day. If it closes below 5900 then next level can be 200 sma, which is at about 5750+. A very high value of VIX and PCR have caused sharp and sudden movements in the last few days. Only a noticeable drop in them along with global cues and/or liquidity can take nifty up. Trade carefully as expiry is near.

2.         PCR flat at 1.12 and VIX down at 17.70.

3.         Pre-open data suggests a +ve nifty after a slight gap up open unless it remains below 5989 till afternoon.

4.         AS PER 9.30 STRATEGY, BUY BELOW 5989NF, TARGET 6034, SL 5959.

5.         Targets of first three +WWs of the first post met.

6.         Target met without giving a chance of an entry.

7.         Target of fourth +ww of the first post also met.

8.         Nifty opened up with a slight gap but rose quickly and then remained flat till afternoon before making a sharp upmove again. It thus made a higher high and low than those on Friday before closing strongly +ve and also strongly above Friday's close. The targets of all the four +WWs of the first post were met. The target of 9.30 strategy trade was also met but without giving chance of an entry.

The intraday chart of nifty spot values with 5 min candles is shown below.

Daily_Nifty_VP's View-24/05/13

LEADER POST for Friday (24/05/13)

1.         Supports are at about 5955, 5888 and 5860 while resistances are at about 6010, 6036, 6075, 6100 and 6121. Previous lower levels to watch are 5928 and 5867. Three +WWs give about 6013 (once above 5971), 6104 (once above 6039) and 6166 (once above 6100) (+WWs with higher targets are not mentioned as of now). Three -WWs give about 5050, 5944 and 5881 (-WWs with lower targets are not mentioned presently). Two rising wedges have broken down and can give about 5928/5867 unless nifty reverses from here and goes above 6071. A falling wedge BO can give 6138 unless nifty goes below 5936. A bearish flag can give about 5900 unless it reverses from here and goes above 6040.

Nifty fell sharply again on global clues and just managed to close above 5950 continuing its downmove for the fourth straight day. The weekly candle will most probably be bearish engulfing unless it closes above 6100 on Friday. Even if it closes well above 6035 by 31st May, the monthly candle will be fine. It has taken support from 34 ema on daily chart and the only hope now is a reversal from present level or a sharp reversal from 5880/5920 zone on Friday itself. If it closes below 5900 then next level can be 200 sma, which is at about 5750. A very high value of VIX and PCR have caused sharp and sudden movements in the last few days. Only a noticeable drop in them along with global cues and/or liquidity can take nifty up.

2.         Pre-open data suggests a +ve nifty after a gap up open, unless it remains below 6010 till afternoon.

3.         AS PER 9.30 STRATEGY, SELL ABOVE 6000NF, TARGET 5955, SL 6030.

4.         Target met without giving chance of an entry.

5.         Targets of first two -WWs of the first post met.

6.         Nifty opened up with a gap but reacted quickly to make a lower high and low than those yesterday before rising again to close -ve but above yesterday's close. The targets of first two -WWs of the first post were met. Also met was target of 9.30 strategy trade but without giving chance of an entry. The entry was available in the afternoon but the target wasn't met again. The daily candle is a hammer while the weekly candle is bearish engulfing.

The intraday chart of nifty spot values with 5 min candles is shown below.

Daily_Nifty_VP's View-23/05/13

LEADER POST for Thursday (23/05/13)

1.         Supports are at about 6053, 6033 and 6020 while resistances are at about 6118, 6129, 6156 and 6201. Six +WWs give about 6153 (once above 6094), 6159 (once above 6099), 6194 (once above 6078), 6200 (once above 6116), 6203 (once above 6097) and 6218 (once above 6041, which is yet to be reached) (+WWs with higher targets are not mentioned as of now). Three -WWs give about 6039, 5989 and 5947 (once below 6094) (-WWs with lower targets are not mentioned presently). A rising wedge has broken down and can give about 5976 unless nifty reverses and goes up again. A falling channel BO can give 5230 if nifty goes and remains above 6120. A bullish flag can give much higher level unless killed below 6065 while a bearish flag can give lower level unless killed above 6116.

Nifty fell again and closed below 6100 continuing its bearish sentiment. If it closes below 6080 to begin with and then 6000, it will be a cause of concern for short term uptrend. A very high value of VIX and PCR are causing cause sharp and sudden movements. Only global cues and/or liquidity can take nifty up. Once again, be careful of high volatility as nifty approaches the all time high.

2.         Pre-open data suggests a +ve nifty after a gap down open unless it remains below 6050 by afternoon.

3.         AS PER 9.30 STRATEGY, SELL ABOVE 6070NF, TARGET 6032, SL 6100.

4.         Target met without giving chance of an entry.

5.         Target of first -ww and bearish flag of the first post met.

6.         Gap on 15 May filled.

7.         Target of second -ww and that of BD of rising wedge of the first post met.

8.         Nifty opened gap down and kept going down. Targets of first two -WWs, BD of rising wedge and bearish flag of the first post were met. Target of 9.30 strategy trade was also met but without giving chance of an entry.

The intraday chart of nifty spot values with 5 min candles is shown below.

Daily_Nifty_VP's View-22/05/13

LEADER POST for Wednesday (22/05/13)

1.         Supports are at about 6085, 6045 and 6013 while resistances are at about 6127, 6139, 6167 and 6180. Five +WWs give about 6150 (once above 6107), 6186 (once above 6112), 6194 (once above 6145), 6200 (once above 6158) and 6275 (once above 6102) (+WWs with higher targets are not mentioned as of now). Three -WWs give about 6038, 5994 (once below 6083) and 5967 (once below 6142) (-WWs with lower targets are not mentioned presently). A rising wedge has broken down and can give about 5976 unless nifty reverses and goes up again. A falling wedge BO can give 5215 unless nifty goes below 6080. A bullish flag can give much higher level unless killed below 6065 while a bearish flag can give lower level unless killed above 6150.

Nifty fell again and closed below 6150 continuing its bearish sentiment. If it closes below 6000, it will be a cause of concern for short term uptrend. Also, a very high value of VIX and PCR are causing cause sharp and sudden movements. Only global cues and/or liquidity can take nifty further up. Once again, be careful of high volatility as nifty approaches the all time high.

2.         PCR down at 1.19 and VIX up at 17.88. Pre-open data suggests a +ve nifty after a small gap up open unless it remains below 6127 till afternoon.

3.         AS PER 9.30 STRATEGY, BUY BELOW 6147NF, TARGET 6180, SL 6117.

4.         If SL is hit, sell above 6122NF, target 6088, SL 6152.

5.         SL hit.

6.         Target of bearish flag of the first post met.

7.         Target of reverse trade met.

8.         Nifty opened up with a small gap and tried to go up but failed and reacted to make a lower high and low than those yesterday before closing -ve and also below yesterday's close. The target of first +ww of the first post was just missed but that of bearish flag was met. The SL of 9.30 strategy trade was hit and the target of reverse trade was met.

The intraday chart of nifty spot values with 5 min candles is shown below.

Daily_Nifty_VP's View-21/05/13

LEADER POST for Tuesday (21/05/13)

1.         Supports are at about 6133, 6117, 6033 and 6007 while resistances are at about 6176, 6194, 6207, 6231 and 6270. Two +WWs give about 6191 (once above 6170) and 6260 (once above 6120, which is yet to be reached) (+WWs with higher targets are not mentioned as of now). Five -WWs give about 6110 (once below 6159), 6052 (once below 6141), 6009 (once below 6157), 6001 (once below 6170) and 5967 (once below 6139) (-WWs with lower targets are not mentioned presently). A rising wedge seems to have brone down and can give about 5976 unless nifty goes and remains above 6221. A bullish flag can give much higher level unless killed below 6065 while a bearish flag can give lower level unless killed above 6190.

Nifty fell after making a new high but managed to close above 6150 giving hint of a further fall. The daily candle is bearish engulfing and the -ve div on daily and weekly chart persists and long holders need to be careful. Also, a very high value of VIX and PCR can cause sharp and sudden falls and rises. Only global cues and/or liquidity can take nifty further up. Once again, be careful of high volatility as nifty approaches the all time high.

2.         PCR down at 1.22 and VIX up at 17.71. Pre-open data suggests a +ve nifty after a flattish open unless nifty remains below 6150 by afternoon.

3.         AS PER 9.30 STRATEGY, SELL ABOVE 6152NF, TARGET 6122, SL 6182.

4.         If SL is hit, buy below 6184NF, target 6215, SL 6154.

5.         3.20 (points) short of target and then SL hit.

6.         SL of reverse trade also hit.

7.         Target of original trade met.

8.         Target of first -ww of the first post met.

9.         Nifty opened down with a slight gap, made a lower high and low than those yesterday before closing -ve and also below yesterday's close. The targets of first -WW and bearish flag of the first post were met. However, the SL of both side trades of 9.30 strategy were hit before giving target of the original trade.

The intraday chart of nifty spot values with 5 min candles is shown below.