LEADER POST for Wednesday (07/11/12)
1. The supports are at about
5705/01, 5675 and 5634 while the resistances are at about 5734 and 5744. Two
likely +WWs give about 5761/67 (+WWs with higher targets are not mentioned as
of now) while three likely -WWs give about 5686/76 (once below 5725) and 5669
(once below 5702) (-WWs with much lower levels are not mentioned presently). A
bullish flag can give higher level unless killed below 5706.
Nifty managed to reach 5730 with a sharp
rise and it appears that it could be just a loser’s consolation that it did not
cross or close above 5730. Nifty futures also closed above an important number
of 5757 as per one number theory. The nifty is now clearly bullish in immediate
term and only a -ve and surprise result from US presidential election can
reverse the trend.
2. The 9.30
strategy gave a down trend but got reversed after 9.40.
3. AS PER
9.30 STRATEGY, BUY BELOW 5770NF, TARGET 5803/06 SL 5740.
4. Target of
first +ww met.
5. First
target of 9.30 strategy met.
6. Target of
second +ww met.
7. Nifty
opened down with a small gap but soon started climbing as news about Obama's
victory came in. It made a new high and closed +ve and also above yesterday's
close. The 9.30 strategy trade saw its SL hit soon after 9.30 but the target of
reverse trade was met. Also met were targets of both the +WWs and the bullish
flag mentioned in the first post.
The intraday chart of nifty spot values with 5 min candles is shown below.
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