LEADER POST for Monday (29/10/12)
1. The supports are at about
5630 and 5641/39 while the resistances are at about 5671, 5677, 5708 and 5715.
A number of likely +WWs give about 5672, 5697/5704 and 5729/31 (+WWs with
higher targets are not mentioned as of now) while one likely -WW gives about
5590 (-WWs with much lower levels are not mentioned presently).
The daily candle is an imperfect hammer
while the weekly candle is once again an inside bar, which indicates that there
could be a break out if nifty goes above 5752. Nifty has remained in a narrow
channel with height of about 85 since 8th Oct and a BO/BD is overdue. It needs
to close above 5730 to continue the uptrend while a daily close below 5630 may
take it down to 5500.
2. Pre-open
high/low at 5666.30/5636.05 and close at 5665.20. The 10tf candle is a long
legged doji and may indicate a +ve nifty after a flat open.
3. AS PER
9.30 STRATEGY, BUY BELOW 5722, TARGET 5751/67 SL 5692.
4. Targets
of first two +WWs already met in the morning.
5. SL
triggered. NOW SELL ABOVE 5697 TARGET 5665 SL 5727.
6. I think
nifty may not give lower target and may actually go up. One can take a chance
and buy half qty now and another half if it goes down further a bit.
7. Nifty
opened slightly up, made a higher high and low than those on Friday but finally
closed flat and slightly above Friday's close. The targets of first two +WWs of
the first post were met but the SL of 9.30 strategy was triggered. However,
target of reverse trade was not met. The daily candle is a doji implying that
it may be ready for a BO/BD.
The intraday chart of nifty spot values with 5 min candles is shown below.
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