Daily_Nifty_VP's View-13/07/12

LEADER POST for Friday (13/07/12)

1.         Supports are at 5231/28/25, 5211, 5204/02, 5164 and 5152/48 while resistances are at 5244, 5259/63/67 and 5307. A -WW gives about 5220. I feel that market will be flat to -ve considering today's weak trend and being a weekend. But tcs good results and "friday the 13th" may spring a surprise. Volatility is likely since nifty is in a crucial zone.

2.         Pre-open high/low at 5320.75/5155.30 and close at 5242.75. The 10tf candle is a doji and day's trend is uncertain. However, since market fell yesterday, today could be flat to mildly +ve.

3.         As per 9.30 strategy, buy below 5268NF target 5296/5317 SL 5238.

4.         Even though market is +ve, CE are not rising in tandem with nifty and nor is PE falling. It shows buyers are not as sure as sellers.

5.         SL gone. Today's gap filled up. ‎-WW target of the first post met.

6.         Today was again a disappointing day considering that nifty opened up with a small gap, remained in 25 point range for over four hours and then broke down by another 25 points, finally closing -ve. It also made a higher high than yesterday but same low as yesterday. However, nifty fut made a lower high than yesterday. The resistance of 5267 NS could not be broken. The -ww stated in the first post gave its target. The SL of buy call given by 9.30 strategy was triggered. Reverse sell trade was not possible since fall came late in the afternoon.

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