LEADER POST for Tuesday (04/12/12)
1. Supports are at about 5851
and 5757 while resistance is at about 5913. The next important level is 5945.
(+WWs with higher targets are not mentioned as of now). Three likely -WWs give
about 5837, 5827 and 5814 (other -WWs with lower targets are not mentioned
presently). A rising wedge seems to have broken down and can give about 5630.
Nifty once again made a new high but could
not close at one. The daily candle is a spinning top while the daily candle of
nifty fut is an imperfect evening doji star and both signs are bearish. Only a
gap up opening with a +ve closing will defeat it. Both daily and weekly charts
still show -ve divergence. If nifty closes below 5827, it may be worrisome. I feel
it may react a bit to consolidate and will be a "buy on dips" story.
Much higher levels are expected.
2. PCR at
1.10 and VIX at 15.62. Pre-open high/low at 5870.95/5859NS
and close at 5866.80. This may indicate a flat nifty after a slight gap down
open.
3. AS PER
9.30 STRATEGY, SELL ABOVE 5880NF, TARGET 5856/43, SL 5910.
4. If SL is
hit, BUY BELOW 5921NF, TARGET 5945/57, SL 5891.
5. Nifty
opened down with slight gap but made a higher low and a lower high than those
yesterday before closing +ve and also above yesterday's close. The SL of 9.30
strategy trade was hit but the target of reverse trade was not met. The total
range was only about 35. Today's candle is an Inside Bar.
The intraday chart of nifty spot values with 5 min candles is shown below.
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