Daily_Nifty_VP's View-09/07/12

LEADER POST for Monday (09/07/12)

1.         Supports are at 5302, 5299/97/94 and 5228 while the other levels (zone) to watch are the previous lows in 5260-90 region. Resistances are at 5318, 5325, 5342/44, 5368 and 5411. But -WWs posted last week, which give targets of about 5280, 5265, 5255 and 5230 still remain a threat. I feel that market will continue to have flat to negative bias due to consolidation on Monday and perhaps the whole of next week. Volatility is to be watched.

2.         Pre-open high/low at 5520.80/5283.55 and close at 5283.70. It may indicate a -ve market today.

3.         As per 9.30 strategy, sell above 5298Nf target 5270/57 SL 5328.

4.         As I had stated in the first post as well as after pre-open, market opened below yesterday's close, made a lower high & low and broke through two supports and did not reach anywhere near first resistance. It went about 59 points below yesterday's close. In the process, targets of three of the four -WWs were also met. Also, the first target of 9.30 call was met.

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