LEADER
POST for Tuesday (04/09/12)
1. The supports are at about 5245,
5236/34, 5203 and 5188. Also, there was a gap created at 5215 on 3rd August,
which is now under threat of being filled. Resistances are at about 5260 and
5284 while other previous levels to watch are 5352 and 5399. Three likely +WWs
give about 5341 (once above 5354), 5343 (once above 5286) and 5356 (once above
5316) (+WWs with higher targets are not mentioned). -WWs with lower levels are
not mentioned presently.
Nifty may have closed only mildly -ve on Monday
but its likely direction seems down only and now seems to be in a mood to fill
up the gap at 5215. 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 hope that will support market but seems to have vanished as of now.
The period till 12/13th Sept. looks turbulent with a -ve bias.
2. PCR at 0.91 and VIX at 17.28.
Pre-open high/low at 5265/5223.25 and close at 5249.15.
3. AS PER 9.30 STRATEGY, SELL
ABOVE 5272NF TARGET 5244/25 SL 5302.
4. Short sellers should lower
SL to cost as nifty is not making a new low ..... as yet. If it closes
above 5250NS, it may not go down further.
5. A flag gives higher level
unless killed below about 5247.
6. If SL is triggered, target
5319/5323NF SL 5266. 5276NS is crucial intermediate level to be crossed
to maintain up move.
7. NS opened slightly -ve
while NF opened slightly +ve, made a lower high and lower low than Monday but
closed +ve and also above Monday's close thereby giving a hint that it may have
reversed. The second support zone held in spite of three attempts to cross it
and may imply accumulation. The SL of 9.30 strategy's short trade was hit but
target of reverse long trade was not met. Today's candle is a hammer and may
indicate trend reversal i.e. uptrend.
The
intraday chart of nifty spot values with 5 min candles is shown below.
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