LEADER
POST for Tuesday (18/09/12)
1. The supports are at about 5603,
5562/59, 5534 and 5517. Resistances are at about 5624, 5668 and 5738. A likely
+ww gives about 5667 (once above 5602) (+WWs with much higher targets are not
mentioned as of now). A likely -WW gives about 5586 (once below 5607) (-WWs
with much lower levels are not mentioned presently). There is an apparent ST
with apex at 5615 and a BD may give 5586/5567/5528. The daily chart of nifty
shows that it is approaching overbought zone.
Nifty has been consistently opening gap up and
making new highs thereby giving a bullish sentiment. NF also closed above
5612NF, an important number as per a number theory. Liquidity continues to
remain very high. However, nifty is likely to react from present levels to
consolidate and discount any bad political development. With major global news
out of the way, nifty will now be left to discount local news only. A daily
close below 5591 will need to be treated with caution but only a daily close
below 5518 will ring alarm bells. Since this is a truncated week, trade with
caution. Otherwise, it is a buy on dips situation as of now.
2. PCR up at
1.14 and VIX up at 17.78. Pre-open high/low at
5610/5500.75 and close at 5602.40. The 10tf candle is a hammer and may indicate
a flat to mildly +ve nifty after a small gap down open.
3. AS PER
9.30 STRATEGY, SELL ABOVE 5595.35NF TARGET 5571 SL 5625.35. Note that sell is
triggered and SL is close by. But be careful as SL may be triggered, overall
trend being up. If SL is triggered, by below 5632NF target
5656/66 SL 5602.
4. SL
triggered so also buy. -ww target almost met after open.
5. Nifty
opened down with a slight gap, attempted to go up but failed and went down a
bit, finally closing slightly -ve and also below yesterday's close. The range
was narrow of about 28 points. The SL of first trade according to 9.30 strategy
was triggered. However, the target of reverse trade was not met. In fact, nifty
almost went upto its SL. The target of -ww stated in the first post was almost met.
Similarly the BD of ST stated in the first post gave its first target. The
daily candle is a Doji.
The
intraday chart of nifty spot values with 5 min candles is shown below.
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