LEADER POST for Wednesday (17/10/12)
1. The supports are at about
5638, 5634/32 and 5582. Resistances are at about 5701, 5708 and 5760. Three
likely +WWs give about 5722, 5770 and 5792 (+WWs with higher targets are not
mentioned as of now). A likely -WW gives about 5628 (-WWs with much lower
levels are not mentioned presently). A bearish flag can give 5580 unless killed
above about 5685.
A rising channel seems to have broken down
and can give about 5530 unless nifty recovers and remains above about 5900
while a falling channel can give about 5815 unless nifty goes and remains below
5589. A rising wedge seems to have broken down and can give about 5537 unless
nifty recovers and remains above about 5900.
The daily candle has formed a bearish
"outside bar' and this may imply continuation of the present downtrend.
5630 to 5735 remains a crucial zone and a daily close above/below them may give
indication of the short term trend. Market looks nervous and may not show clear
direction till major corporate results are out. For a clear uptrend to emerge,
nifty should give a daily close above about 5800. A daily close below 5630 may
take it down to 5500.
2. PCR at
0.96 and VIX at 15.57. Pre-open high/low at 5709.20/5648
and close at 5681.10. The 10tf candle is like an inverted hammer and may
indicate a +ve nifty after a gap up open.
3. AS PER
9.30 STRATEGY, SELL ABOVE 5669NF, TARGET 5643 SL 5699.
4. Nifty
opened gap up but then started sliding down, making a lower high and low than
those yesterday. It recovered a bit late in the day but yet closed -ve, though
above yesterday's close. The targets of 9.30 strategy and -ww of the first post
were just missed.
The intraday chart of nifty spot values with 5 min candles is shown below.
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