LEADER POST for Tuesday (18/12/12)
1. Supports are at about 5855,
5850, 5839, 5835, 5827 and 5812 while resistances are at about 5864/73. Other
levels to watch are 5925 and 5965. Three likely +WWs give about 5873, 5924 and 5990
(once above 5859) (+WWs with higher targets are not mentioned as of now).
(other -WWs with lower targets are not mentioned presently).
Nifty closed below 5888 again but above
5850 and hence lower levels are likely. However, daily candle is an inside bar
as well as an inverted hammer, which is a likely reversal sign. Nifty must
close above 5965 on weekly basis to become bullish again. If nifty closes below
5827, it may be worrisome. Nifty may be very choppy for a few more days. Hence
trade with strict SLs.
2. Pre-open
high/low at 5875.05/5845.85 and close at 5873.60. This may indicate a flat to
+ve nifty after a small gap up open.
3. AS PER
9.30 STRATEGY, SELL ABOVE 5886NF, TARGET 5860/46, SL 5916.
4. (Post by
LKL) Target achieved with low at 5838.05
5. After
9.30 strategy trade target was met, SL was hit in one 5tf candle and target of
reverse trade also met in the same candle but without giving a chance of an
entry.
6. Nifty
opened up with a small gap, remained flat till RBI policy review and then
tanked by about 50 points to make a lower low. However, it recovered sharply to
make a higher high before closing +ve and also above yesterday's close. In the
process, targets of first +ww of the first post and the 9.30 strategy trade
were met. Its recovery later was so strong that it went to trigger SL of the
9.30 strategy trade and give target of reverse trade also but without giving a
chance of an entry for it. The daily candle is an imperfect hanging man.
The intraday chart of nifty spot values with 3 min candles is shown below.
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