LEADER POST for
Wednesday (28/08/13)
1. Supports are at about 5425 and 5155
while resistances are at about 5315, 5420 and 5550. Three +WWs can give about
5307, 5357 and 5422 (+WWs with higher targets are not mentioned as of now).
(-WWs with lower targets are not mentioned as of now). A falling wedge BO can
give about 5520 if nifty remains above 5300. A bearish flag can give much lower
levels unless killed above about 5580.
Nifty closed strongly -ve, as suggested by Monday's NR7 day, and closed
below 5300 after a long time, creating a small panic among traders and
investors. However, +ve div has appeared again and a mild recovery is possible.
Oil price and INR continue to play spoilsport and will remain key to the future
of Indian markets in the short to medium term. Additional tension is the likely
hood of a US attack on Syria. High VIX can cause sharp swings. Only global cues
and/or liquidity can take nifty further up.
2. Pre-open data suggests a -ve nifty
after a gap down open unless it remains above 5234 by afternoon.
3. AS PER 9.30 STRATEGY, SELL ABOVE
5211NF, TARGET 5179, SL 5241.
4. If SL is hit, buy below 5226NF, target
5258, SL 5196.
5. Target met.
6. SL hit and target of reverse trade also
met without giving chance of an entry.
7. Target of first +ww of the first post
also met.
8. Earlier in the day, target of bearish
flag of the first post was met.
9. Nifty opened gap down and quickly
tanked to make a yearly low. But it suddenly took off after about an hour and
rose almost 200 points from the day's low. It still made a lower high and low
than those yesterday before closing +ve but slightly below yesterday's close.
First the target of bearish flag of the first post was met. Then target of 9.30
strategy was met. However, later, SL of the strategy was hit and target of
reverse trade was met but without giving chance of an entry. Also met was
target of first +WW of the first post. Daily candle is a hammer and an
imperfect morning star.
The intraday chart
of nifty spot values with 5 min candles is shown below.
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