Daily_Nifty_VP's View-25/06/13

LEADER POST for Tuesday (25/06/13)

1.         Supports are at about 5568, 5546, 5521 and 5504 while resistances are at about 5612, 5662, 5694 and 5716. The unfilled gap on upside is at 5823 and the previous low to watch is 5477. (+WWs with higher targets are not mentioned as of now). (-WWs with lower targets are not mentioned presently).

Nifty fell again to close below 5650 for the first time since 15/04/13. The weekly chart is bearish. If next week closes below about 5625, further fall looks certain. Hope for bulls comes if next week closes above about 5766. VIX and PCR are still high and can cause sharp volatility. Only global cues and/or liquidity can take nifty up. This being an expiry week, trade carefully.

2.         Pre-open data suggests a +ve nifty after a small gap up open unless it remains below 5607 by afternoon.

3.         AS PER 9.30 STRATEGY, SELL ABOVE 5599NF, TARGET 5560, SL 5629.

4.         If SL is hit, buy below 5606NF, Target 5645NF, SL 5576.

5.         PCR down at 0.88 and VIX up at 21.01.

6.         SL hit and target of reverse trade also met but without giving chance of an entry.

7.         Nifty opened up with a small gap, reacted a bit but made a higher low and then rose sharply to make a higher high too. However, it reacted sharply to close flat but above yesterday's close. The SL of 9.30 strategy was hit and the target of reverse trade was met but without giving chance of an entry. Chance for an entry for reverse trade came too late in the day. The daily candle is a doji.

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