LEADER POST for Monday (01/10/12)
1. The
supports are at about 5691, 5685/81, 5669, 5656, 5640, 5618 and 5609.
Resistances are at about 5705, 5714, 5719, 5723, 5748, 5773 and 5780. Two small
+WWs give about 5720 (once above 5700) and 5731 (once above 5710) (+WWs with
higher targets are not mentioned as of now). Three likely -WWs give about
5676/65/43 (once below 5697) (-WWs with much lower levels are not mentioned
presently). A bullish flag on daily chart give much higher levels unless killed
below about 5467.
Nifty finally
crossed 5720 and also closed above 5692 as mentioned in the first post for
Thursday, thereby nullifying bearish sentiment given by the four consecutive
inside bars. However, formation of Topping Tails on daily chart along with a
-ve div and the fact that the weekly candle is a star, which may turn out to be
an evening star, gives bearish sentiment once again. Monday's open and next
week's candle will only decide whether it becomes an evening star. The trend is
thus again uncertain and in fact a bit bearish.
2. Pre-open high/low at 5704.75/5477.60 and close at 5704.75.
The 10tf candle is a long legged hammer and may indicate a mildly +ve nifty
after a flat open. PCR down at 1.06 and VIX down at 16.16.
3. AS PER 9.30 STRATEGY, SELL ABOVE 5704.50 TARGET 5682.60/70
SL 5734.50.
4. A DT has formed today whose BO/BD gives about 12 points either
way. If SL is hit buy below 5746 target 5768/81 SL 5716.
5. SL hit. Let's see whether NS goes above
5723.
6. Target of first +ww met. 5723 still not
crossed.
7. Nifty opened relatively flat and made a lower high and
higher low before closing +ve and also above yesterday's close, as indicated by
pre-open data. It thereby closed at a new high. The target of first +ww
mentioned in the first post was met however, SL of 9.30 strategy trade was also
hit but reverse trade did not give its target. BO of a DT identified during the
day also gave its target.
The intraday chart of nifty spot values
with 5 min candles is shown below.
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