Daily_Nifty_VP's View-29/11/12

LEADER POST for Thursday (29/11/12)

1.         Supports are at about 5709/06, 5663 and 5630 while resistances are at about 5731/35, and 5745/50. A likely +WW gives about 5776 (+WWs with higher targets are not mentioned as of now) while two likely -WWs give about 5696 (once below 5716) and 5610 (once below 5755, which is not reached yet) (other -WWs with lower targets are not mentioned presently). The break out of a falling channel mentioned some days ago seems to be giving its target of 5751/5776. A bullish flag gives much higher level unless killed below 5655.

Nifty closed above 5700 and the daily candle is also a Marubuzo, indicating a strong bullish sentiment. But it also faced resistance below 5740 and closed below 5730. A close below 5650 once again and particularly below 5600 may take it down further to as low as 5400. Nifty now needs to close above 5788 and also cross 5815 to continue its bullish trend.

2.         PCR up at 1.17 which is not good for bulls but VIX down at 13.96.

3.         AS PER 9.30 STRATEGY, BUY BELOW 5739NF, TARGET 5778/5813, SL 5709.

4.         Target (5776) of falling channel BO, +ww and bullish flag met.

5.         First 9.30 strategy target met without giving an entry.

6.         Nifty opened up with a gap and never looked back. It bulldozed past all resistance to make a new 19 month high and also close at a new 19 month high. In the process, targets of the +ww, falling channel, bullish flag and the 9.30 strategy trade were met. The daily candle is once again a Marubuzo.

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