LEADER POST for Thursday (09/08/12)
1. The supports are at 5328 and 5262. Resistances are at 5377, 5383 and 5390. Two likely -WWs give about 5290 and 5225 (once below 5298). The other -ww with much lower level is not mentioned. However, 5262 is the bottom of a channel that has formed and I feel it may not be breached.
1. The supports are at 5328 and 5262. Resistances are at 5377, 5383 and 5390. Two likely -WWs give about 5290 and 5225 (once below 5298). The other -ww with much lower level is not mentioned. However, 5262 is the bottom of a channel that has formed and I feel it may not be breached.
Nifty could not reach 5380
mentioned in post for Wednesday and reacted sharply thereafter. The daily
candle for NS is an inverted hammer, which is not bad but the same for NF is a
doji star. A gap down opening followed by a fall with a close on Thursday well
below Tuesday's close will confirm bearishness. At the same time, a close well
above Tuesday's close will negate this bearishness. Remember that liquidity
flow is strong with FIIs continuing to buy heavily. And hence trade cautiously.
2. BUY BELOW 5375 NF FOR TARGET 5405 (and
may be 5420) SL 5345. As it is IIP data release day, it may be volatile.
3. SL triggered with 5338 NF low so far.
4. Surprisingly, contrary to yesterday's
candle's bearish sentiment, nifty again opened up with a small gap but could
not sustain and finally closed -ve and below yesterday's close, thanks mainly
to a poor IIP data. The SL of 9.30 strategy was triggered but NF did not go
down much beyond that, managing to remain above 5330 mentioned yesterday.
Today's NS candle seems to have formed an evening star although not a perfect
one. However, like yesterday, NF daily candle does not show such a pattern.
Hence, the trend is uncertain/ confusing.
The
intraday chart of nifty spot values with 5 min candles is shown below.
No comments:
Post a Comment