LEADER POST for Friday (09/11/12)
1. Supports are at about 5730,
5724 and 5717 while Resistances are at about 5741, 5745, 5761 and 5811. Two
likely +WWs give about 5790 (once above 5746) and 5798 (+WWs with higher
targets are not mentioned as of now). Five likely -WWs give about 5721, 5703
and 5679/71/69 (-WWs with much lower levels are not mentioned presently).
Nifty once again closed above 5730 in
spite of opening down with a big gap. This shows that bulls may still be in
control. Nifty did react as posted yesterday. The next few days' move will now
show what is in store in short term. Crossing above 5816 and daily close above
5788 is necessary for a clear break out. A daily close below 5680 will take it
down further.
2. Targets
of first two -WWs met.
3. Target of
third -ww met.
4. Nifty
opened down with a small gap and quickly made a higher high than yesterday. But
soon it reacted to make a lower low to close -ve and also below yesterday's
close. In the process, targets of three -WWs mentioned in the first post were
met. The only consolation is that the day and the week closed above 5680.
The intraday chart of nifty spot values with 5 min candles is shown below.
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