LEADER POST for Thursday (29/08/13)
1. Supports are at about 5188
and 5155 while resistances are at about 5317, 5410 and 5436. 200 wma is at
about 5444. Four +WWs can give about 5361, 5400, 5431 and 5542 (+WWs with
higher targets are not mentioned as of now). Two -WWs can give about 5221 and
5140 (-WWs with lower targets are not mentioned as of now). A falling wedge BO
can give about 5520 if nifty remains above 5300. A bullish flag can give higher
levels unless killed below 5190.
Nifty rallied strongly from day's low and
closed well above 5250. The bearish sentiment is still exists. However, +ve div
gives hopes a recovery. Also, daily candle is a hammer and imperfect morning
star, a likely reversal sign. Weekly resistance is at about 5535. 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 likelihood of a
US attack on Syria. High VIX can cause sharp swings. Only global cues and/or
liquidity can take nifty further up. Thursday being an expiry day, trade
carefully.
2. Pre-open data suggests a +ve nifty after
a gap up open unless it remains below 5316 by afternoon.
3. AS PER 9.30 STRATEGY, SELL ABOVE 5323,
TARGET 5288, SL 5353.
4. If SL is hit, buy below 5332NF, target
5368, SL 5302.
5. SL was hit.
6. Target of first +ww of the first post
met.
7. Target of reverse trade met but without
giving chance of an entry.
8. Target of second +ww of the first post
met while that of third +ww just missed.
9. Target of bullish flag of the first
post met.
10. Nifty
opened up with a gap, remained flat for about two hours before breaking out to
make a higher and low than yesterday. It closed strongly +ve and also strongly
above yesterday's close. The targets of first two +WWs and bullish flag of the
first post
were met while that of third +ww was narrowly missed. SL of 9.30 strategy was
hit after first reaching within 10 points of the target and then target of
reverse trade was met but without getting chance of an entry.
The intraday chart
of nifty spot values with 5 min candles is shown below.
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