Daily_Nifty_VP's View-11/07/12

LEADER POST for Wednesday (11/07/12)

1.         Supports are at 5319, 5287, 5267 and 5195 while resistances are at 5350/54, 5396, 5410 and 5452. A -WW gives about 5250 once below 5302 while an older one gives 5220. A likely bullish flag gives 5383 unless killed below about 5324. However, I feel that market will be flat to -ve. Volatility is to be watched.

2.         Pre-open high/low at 5345.35/4957.75 and close at 5315.25. We haven't seen such a low pre-open since 22nd June. I feel market may be flat to -ve, at least for some time. I feel today's range may be 60-90 points.

3.         As per 9.30 strategy buy below 5343NF target 5366/83 SL 5313. But be careful since I feel SL may be triggered. Buy closer to SL than 5345 if you wish.

4.         May be we will see 5388 tmrw (12/07/12). I feel it's a good sign that nifty is closing with indicators at/near oversold levels.

5.         Market opened -ve and also closed -ve as per earlier posts. It broke the first support but not the first resistance. It also made a lower high and a higher low compared to yesterday. However, range was narrow (40 points). As feared, SL of 9.30 strategy was triggered but only by 0.40. Once again, it turned out to be a wise decision to carry shorts from yesterday. But it gave gains only after some palpitation due to volatility.

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