LEADER POST for Monday (05/08/13)
1. Support is at about 5643,
5607 and 5559 while resistances are at about 5711, 5728, 5749, 5808 and 5837.
Previous low is at 5566. A number of +WWs can give about 5703, 5759 (once above
5692), 5755/5779/5817 (once above 5674), 5809 (once above 5645) and 5812 (once
above 5655) (+WWs with higher targets are not mentioned as of now). A -WW can
give about 5532 (-WWs with lower targets are not mentioned presently). Two
falling wedges/channel BO can give about 5805/6045 if nifty goes and remains
above 5685/5700.
Nifty fell again and closed below 5700 for
the first time since 27/06 and is clearly bearish. However, a +ve div is seen
on lower TFs and some recovery is likely. Higher levels are possible only if
nifty closes above 5870. If support levels given above are breached or if RSI
on daily chart goes below 37, much lower levels are likely. Oil price and/or
INR will remain key to the future of Indian markets in the short term. High VIX
can cause sharp swings. Only global cues and liquidity can prevent further
fall.
2. PCR down at 0.99 and VIX up at 20.89.
Pre-open data suggests an uncertain to +ve nifty after a flattish open unless
it remains below 5682 by afternoon.
3. AS PER 9.30 STRATEGY, SELL ABOVE
5715NF, TARGET 5677, SL 5745.
4. If SL is hit, by below 5724NF, target
5763, SL 5694.
5. SL hit.
6. Target of first +ww of the first post
met.
7. Target of reverse trade considered met
but without giving chance of an entry.
8. Nifty opened flattish but remained in a
range of about 60. It made a lower high and a higher low than those on Friday
before closing slightly +ve and also slightly above Friday's close. Target of
first +ww of the first post was met. But the SL of 9.30 strategy was hit and
the target of reverse trade was considered met as it was missed by a fraction.
However, chance of an entry was not possible. Daily candle is a "low
price" harami cross and it was a NR7 day.
The intraday chart
of nifty spot values with 5 min candles is shown below.
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