LEADER POST for Tuesday (09/10/12)
1. The
supports are at about 563 and 5658. Resistances are at about 5679, 5686, 5735
and 5845. Three likely +WWs give about 5733 (once above 5701) and 5751/5787
(once above 5693). +WWs with higher targets are not mentioned as of now. Three
likely -WWs give about 5654/5632/5519 (-WWs with much lower levels are not
mentioned presently). A falling channel gives about 5751 in case of a BO. Also,
a falling wedge gives about 5808 in case of a BO while two rising wedges give
about 5640/5557 in case of a BD.
Nifty closed below
5691 thereby confirming the evening star on daily chart. Also, the bearishness
of topping tail on weekly chart was confirmed. However, NS/NF closed above
crucial levels of 5665/5696. Hence, though the general trend is bearish, I feel
nifty will try to go up on Tuesday before reacting again, particularly because
of having fallen so much in two days. A daily close above 5895 will only
reverse the trend, which seems likely next week only.
2. PCR at 1.02 and VIX at 17.17. Pre-open
high/low at 5708.15/5663.15 and close at 5708.15. The 10tf candle is very small
(45 high) but bullish and may indicate +ve nifty after a small gap up open.
3. AS PER 9.30 STRATEGY, BUY BELOW 5736NF, TARGET 5775/89 SL
5706.
4. HnS gives about 5729NF again. What a volatility!
5. Went long again after HnS gave target.
6. Nifty opened gap up as expected but failed to go above
yesterday's high, made a higher low and closed slightly -ve but above
yesterday's close. The target of first +ww of the first post was missed by 5.
Also, SL of 9.30 strategy trade was hit but target of reverse trade was not
met. However, when it reacted, it gave target of a HnS identified during the
day. In the process, nifty almost filled the gap created today. The daily
candle is thus a Doji and that too an inside bar, a Harami Cross in a downtrend.
The intraday chart of nifty spot values
with 5 min candles is shown below.
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