LEADER POST for Monday (15/10/12)
1. The supports are closely
spaced at about 5671, 5668, 5664, 5661, 5611 and 5558. Resistances are at about
5710, 5723, 5732 and 5772. A number of likely +WWs give about 5686/5706 (once
above 5669), 5702 (once above 5684), 5729 (once above 5670), 5735 (once above
5632) and 5760 (+WWs with higher targets are not mentioned as of now). Two
likely -WWs give about 5655 (once below 5732, not reached yet) and 5635 (-WWs
with much lower levels are not mentioned presently).
Nifty is near the bottom of a rising
channel, which may give about 5000 unless nifty crosses and remains above about
5930. A rising wedge can give about 5537 unless nifty crosses and remains above
about 5846. A falling wedge can give about 5815 unless nifty crosses and
remains below about 5600.
The daily candle of nifty is a Doji and
may imply temporary reversal to uptrend. The weekly candle does not give
convincing confirmation of a weekly evening star. 5630-40 and 5725-35 remain
crucial zones and a daily close above/below them may give indication of the
short term trend. For a clear uptrend to emerge, nifty should give a daily
close above 5788, a weekly close above 5747 and an intraday high above 5816. A
daily close below 5630 may take it it down to 5500.
2. PCR at
0.98 and VIX at 16.49. Pre-open high/low at
5699.80/5663.15 and close at 5674.25. The 10tf candle is a Doji and may
indicate a flat market marked with volatility, which is possible due to
important event/results today.
3. AS PER
9.30 STRATEGY, SELL ABOVE 5678NF, TARGET 5644/24 SL 5708.
4. SL hit,
now buy below 5695NF target 5730 SL 5665.
5. Targets
of first +ww and first -ww met.
6. Nifty
opened flat, made a lower high & low than that yesterday but closed +ve and
also above yesterday's close. The targets of first +ww and -ww were met.
However, SL of 9.30 strategy was hit but target of reverse trade was not met.
The intraday chart of nifty spot values with 5 min candles is shown below.
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