LEADER POST for Monday (03/09/12)
1. The
supports are at about 5246/44, 5232, 5228/26 and 5207. Also, there was a gap
created at 5215 on 3rd August, which may be filled if nifty moves further down.
Resistances are at about 5261 and 5304 while other previous levels to watch are
5352 and 5399. Two likely +WWs give about 5337/49 (once above 5356) (+WWs with
higher targets are not mentioned). -WWs with lower levels are not mentioned
presently. A likely inverted flag with 64 high mast gives lower level unless
nullified above about 5280.
Nifty lost more ground on Friday
and now seems to be in a mood to fill up the gap at 5215. On daily charts, it
closed below 34 ema and 89 ema is at about 5215. The lower TL from June low
also gives 5215. A daily close below 5234 will be bad. The long time resistance
zone of 5170-90 is not far away and much lower levels are possible if global
and domestic news becomes worse. On the upper side, a daily close above 5360 is
a must to give hope. Liquidity is the only issue that will support market. The
period till 12/13th sept looks turbulent.
2. PCR at
0.90 but VIX up at 17.30.
3. AS PER
9.30 STRATEGY, BUY BELOW 5307NF TARGET 5341/61 SL 5277.
4. SL hit
now target 5264/61.
5. Nifty
opened up with a small gap but that proved to be the only plus point for the
day as it kept going down. It did attempt about 30 point recovery midway but
could not scale the morning high and ended -ve and also slightly below the
previous close. The SL of 9.30 strategy trade was triggered but the target of
reverse trade was not met. However, the first support zone managed to hold.
The intraday chart of nifty spot values with 5 min
candles is shown below. However, unfortunately it is only from 12.30.
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