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[vinay28]

[vinay28]

This is just a personal view and neither a recommendation nor a tip nor an advice for any trade.

Nifty for Wednesday (17/02/16) and beyond

Supports are at about 7037/29/18, 6997/86/48, 6886/58 and 6843 while resistances are at about 7103/24/46/59, 7216/67 and 7281. Unfilled gaps on higher and lower sides are at about 7216 and 6980 resp. Four +WWs can give about 7139 (if above 7053) and 7172/7195/7220 (if above 7075) (+WWs with higher targets are not mentioned as of now). A -WW can give lower than 6800 (if below 7045) (-WWs with lower targets are not mentioned as of now).

Nifty tanked after a gap up open and closed just below 7050 and thereby retracing 50% the rise from Friday's low. Though daily candle is bearish engulfing, volume is not relatively strong and hence any further fall may be limited. Nifty must close above 7277 to begin with for further upmove while a close below 6976 can cause more pain. Global and local eco-political events can have a bearing on how nifty moves in short term.

[vinay28]

This is just a personal view and neither a recommendation nor a tip nor an advice for any trade.

Nifty for Thursday (18/02/16) and beyond

Supports are at about 7083/61/32/02 and 6898 while resistances are at about 7124/45/74, 7200/16/30 and 7269. Unfilled gaps on higher and lower sides are at about 7216 and 6858 resp. Four +WWs can give about 7140 (if above 7052), 7174/7197/7222 (if above 7073) and 7260 (if above 7147)(+WWs with higher targets are not mentioned as of now). (-WWs with lower targets are not mentioned as of now).

Nifty fell sharply after a gap up open but recovered with ferocity to close above 7100. Daily candle is a hammer with +ve volume and with +ve div. Hence, we may see further rise. Nifty must close above 7163 to begin with but only a close above 7277 can make it bullish in short term. A close below 6976 can cause more pain. Global and local eco-political events can have a bearing on how nifty moves in short term.

[vinay28]

This is just a personal view and neither a recommendation nor a tip nor an advice for any trade.

Nifty for Friday (19/02/16) and beyond

Supports are at about 7175/55/38/18, 7088/61 and 6975 while resistances are at about 7218/32/68 and 7375. Unfilled gaps on higher and lower sides are at about 7216/7299 and 7108 resp. Three +WWs can give about 7225 (if above 7070), 7260 (if above 7140) and 7287 (+WWs with higher targets are not mentioned as of now). A -WW can give about 7095 (if below 7220) (-WWs with lower targets are not mentioned as of now).

Nifty fell after a big gap up open but recovered sharply again to close below 7200. Daily candle is a doji and like a hammer with +ve volume. Hence, we may see further rise. Nifty must close above 7277 on daily basis and well above 7245 on weekly basis to be bullish in short term. A close below 7108 can cause more fall. Global and local eco-political events can have a bearing on how nifty moves in short term.