LEADER
POST for Thursday (18/10/12)
1. The supports are at about 5654/51,
5642, 5638, 5633, 5624 and 5572. Resistances are at about 5671, 5683, 5703 and
5719. Five likely +WWs give about 5669, 5692/96, 5744 and 5788 (+WWs with
higher targets are not mentioned as of now). Four likely -WWs give about 5657,
5640, 5615 and 5574 (-WWs with much lower levels are not mentioned presently).
A bullish flag can give 5685 unless killed below about 5647.
A rising channel seems to have broken down and can
give about 5530 unless nifty recovers and remains above about 5900. A rising
wedge seems to have broken down and can give about 5537 unless nifty recovers
and remains above about 5900.
Though nifty fut closed above 5656 on Wednesday, an
important number as per one number theory, market still looks nervous. 5630 to
5730 remains a crucial zone. For a clear uptrend to emerge, nifty should give a
daily close above about 5800, though on immediate basis, a daily close above
first 5686 and then 5730 is required to begin with. A daily close below 5630
may take it down to 5500.
2. PCR at
1.00 and VIX at 15.17. Pre-open high/low at
5675.30/5462.05 and close at 5675.30. This is the second lowest pre-open low in
a month. The 10tf candle is a hammer and may indicate +ve nifty after a small
gap up open.
3. AS PER
9.30 STRATEGY, SELL ABOVE 5668NF, TARGET 5642/28 SL 5698.
4. Nifty
opened up with a small gap, could not make a new low and then rose suddenly to
make a new weekly high before closing +ve and also above yesterday's low as
indicated by the pre-open data. The targets of first three +WWs and first -WW
of the first post
were met. The SL of 9.30 strategy was hit and the target of reverse trade was
met. NS closed above important level of 5710 but it's just the first step
towards confirmation of further upmove.
The
intraday chart of nifty spot values with 5 min candles is shown below.
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