LEADER
POST for Wednesday (05/09/12)
1. The supports are at about 5263, 5230,
5181 and 5162. Also, there was a gap created at 5215 on 3rd August, which was
only partially filled on Tuesday and is under threat of being filled.
Resistance is at about 5295 while other previous levels to watch are 5352 and
5399. Two likely +WWs give about 5343 (once above 5251) and 5353 (once above
5301) (+WWs with higher targets are not mentioned). -WWs with lower levels are
not mentioned presently. A flag gives about 5300 unless killed below 5250.
Nifty may have closed mildly +ve on Tuesday and
daily candle may be hammer but its likely direction seems down and 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 5296 and then 5360 is a
must to imply bullish trend. Liquidity is the only hope that will support
market but seems to be scarce as of now. The period till 12/13th Sept looks
turbulent with a -ve bias. Nifty closed between a dicey zone of 5273-76 and can
move either or both ways. I feel Wednesday may be very volatile.
2. PCR flat at 0.91 VIX down
to 16.59. Pre-open high/low at 5274/5246.75 and close at 5243.90. This
indicates a -ve market. If market is going to go up as some believe, one possibility
is that it will open with a gap down and that would be the bottom today.
3. AS PER 9.30 STRATEGY, SELL
ABOVE 5253NF TARGET 5235/20 SL 5283.
4. NS is in a small ST with
appx. at 5252.90 and is moving within this ST for the last 70 min. BO/BD should
come soon.
5.
Nifty
opened down with a gap and, contrary to the bullish sentiment of some in the
market based on late recovery yesterday, continued to go down as stated in the
first post and as indicated by the pre-open data. Finally, it managed to fill
the gap created on 3rd/6th August. In spite of that, the target of 9.30
strategy short trade was missed by about 5. The trend seems to be down unless
we see a big Green candle tmrw.
The
intraday chart of nifty spot values with 5 min candles is shown below.
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