LEADER POST for
Friday (17/08/12)
1. The supports are at about 5355/54/51 and 5343 while resistances are at about 5369, 5379, 5394/95 and above 5425. Three likely +WWs give about 5388, 5392 and 5420 (+WWs giving higher targets are not mentioned) while a likely -WW gives about 5314 (once below 5358) (-WWs with lower targets are not mentioned). Nifty made a new high on Thursday but closed lower. The top of the channel that had formed (and mentioned in earlier posts) is at about 5500. Also, a likely bullish flag with a mast of about 60 has formed and can gives higher levels unless killed below 5355.
1. The supports are at about 5355/54/51 and 5343 while resistances are at about 5369, 5379, 5394/95 and above 5425. Three likely +WWs give about 5388, 5392 and 5420 (+WWs giving higher targets are not mentioned) while a likely -WW gives about 5314 (once below 5358) (-WWs with lower targets are not mentioned). Nifty made a new high on Thursday but closed lower. The top of the channel that had formed (and mentioned in earlier posts) is at about 5500. Also, a likely bullish flag with a mast of about 60 has formed and can gives higher levels unless killed below 5355.
Nifty
is looking bullish but 5390-5420 is a stiff resistance zone. However, with a
long weekend ahead, it may react and settle lower on Friday. At the same time,
as long as it does not close below 5300 on daily/weekly 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, which is very
likely.
2. There is -ve div on rsi on daily chart
and Friday's closing will give us further idea about daily and weekly chart and
its indicators.
3. PCR at 1.18 and VIX at 15.69. Pre-open
high/low at 5369.30/5333.45 and close at 5368.60. The 10tf candle is a hammer
and may indicate flat to +ve market.
4. AS PER 9.30 STRATEGY, BUY BELOW 5398NF
TARGET 5425/43 SL 5367.
5. I feel target of 5425NF may not come,
may be only 5422 so be careful and raise SL to at least 5386NF if not higher.
6. First two targets of +ww stated in
first post and target of another +ww of 5412NF met.
7. A bearish flag gives 5368NS unless
nullified above about 5392.
8. Flag target met. may be it will end at
5361/63.
9. One more flag may give 5356.
10. Flag target considered met.
11. I feel it's worth taking a chance and go
long for a while. sold for 34 gain.
12. A bearish flag again may give 5322NS
unless nullified above 5376
The
intraday chart of nifty spot values with 5 min candles is shown below.
No comments:
Post a Comment