LEADER POST for Wednesday (07/08/13)
1. Supports are at about 5500
and 5415 while resistances are at about 5578, 5595, 5641 and 5785. The weekly
TL is at about 5407 while the 100/200 wma are at about 5461/5438. Four +WWs can
give about 5609 (once above 5569) and 5704/5711/ 5765 (once above 5608) (+WWs
with higher targets are not mentioned as of now). Three falling wedges/channels
BO can give about 5695/5805/6045 if nifty goes and remains above 5640.
Nifty closed below 5550 for the first time
since 12/04 and is scarily bearish, particularly noting that VIX made a 52 week
high. However, a +ve div persists on lower TFs and mild recovery is likely.
Higher levels are possible only if nifty closes above 5630. A weekly close below
5625 can cause further fall. 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. Pre-open data suggests an uncertain to
-ve nifty after a slight gap up open unless it remains above 5550 by afternoon.
3. AS PER 9.30 STRATEGY, SELL ABOVE
5579NF, TARGET 5536, SL 5609.
4. Target met without giving chance of an
entry.
5. Target of 9.30 strategy missed by about
8 points.
6. Nifty opened up with a slight gap and
quickly reacted to make a lower low. Then it rose sharply in the afternoon but
that was short lived. Finally it closed -ve and also below yesterday's close.
The target of 9.30 strategy was met without giving chance of an entry. Entry
was available late in the day but target was missed by about 8 points.
The intraday chart
of nifty spot values with 5 min candles is shown below.
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