LEADER POST for
Thursday (16/08/12)
1. The supports are at about 5352/50,
5346/45 and 5328/24 while resistances are at about 5388, 5400 and 5460. Two
likely +WWs give about 5385 and 5415 (+WWs giving higher levels are not mentioned)
while two likely -WWs give about 5323 (once below 5357) and 5293 (once below
5348) (-WWs with much lower levels are not mentioned). Nifty made a new high on
Tuesday and also closed at its highest since March. The top of the channel that
had formed (and mentioned in earlier posts) is at about 5480. Also, a likely
bullish flag with a mast of about 55 has formed and can gives higher levels
unless killed below 5355.
Nifty
is looking bullish but 5390-5420 is a stiff resistance zone. It has been making
higher lows and higher highs in the last few days. At the same time, as long as
it does not cross below 5280 on the lower side on daily basis, there should be
no worry. Volatility may increase as nifty approaches its peak. Also, it may
remain flat to consolidate in case there is further upside left.
2. PCR at 1.21 and VIX at 15.64. Pre-open
high/low at 5386.55/5339.55 and close at 5385.95. The 10 tf candle is a hanging
man. This may indicate a -ve trend today. But we need to see whether next 10tf
candle closes below 5380 to confirm -ve trend.
3. At least next 10tf candle closed above
5380 thereby nullifying -ve trend indicated by pre-open. However, I feel
5368/65NF is possible on down side.
4. AS PER 9.30 STRATEGY, SELL ABOVE 5391NF
TARGET 5367/49 SL 5421.
5. Nifty opened slightly up, made a higher
high (though NF made a lower high) than Tuesday but then reacted to close
mildly -ve and also below Tuesday's close. The target of first +ww was met soon
after open. However, neither the target nor the SL of 9.30 strategy was
triggered as nifty remained in a small range of about 33. Nifty has closed with
indicators near oversold zone and with a mild +ve div on rsi.
The
intraday chart of nifty spot values with 5 min candles is shown below.
No comments:
Post a Comment