Daily_Nifty_VP's View-12/11/12

LEADER POST for Monday (12/11/12)

1.         Supports are at about 5672 and 5615 while Resistances are at about 5711, 5733, 5748 and 5768. Five likely +WWs give about 5731, 5771, 5783, 5804 and 5814 (once above 5743) (+WWs with higher targets are not mentioned as of now). Three likely -WWs give about 5675, 5662 and 5657 (-WWs with much lower levels are not mentioned presently). A bearish flag gives lower levels unless killed above about 5720.

Nifty reacted once again creating doubts about its future trend. The only consolation is that the day and the week closed above 5680, which gives hopes that an upmove is not ruled out. Nifty can find support at 34 ema intraday which is placed at about 5645 if it goes down. The weekly candle is an inverted hammer. Crossing above 5816 and daily close above 5788 is necessary for hope of a clear break out. A daily close below 5680 may take it down further.

2.         Pre-open high/low at 5749.50/5660.65 and close at 5688.45. The 10tf candle is a doji and may indicate an uncertain nifty after a flat open.

3.         AS PER 9.30 STRATEGY, BUY BELOW 5734NF, TARGET 5760/71 SL 5704.

4.         SL triggered but 5tf has not closed below 5704 yet though it may in which case, Sell above 5703NF, target 5674 SL 5733.

5.         Twice it crossed 5704 but 5tf did not close and it went up. If you didn't cover your longs, hold them.

6.         Target of first -ww of the first post met.

7.         (post by LLK) SL triggered & ......

8.         Nifty opened flat, failed to go up and reacted to close flat but below Friday's close. The target of first -ww of the first post was met. However, the SL of 9.30 strategy was triggered but the target of reverse trade was not met. Nifty once again closed above 5680 and the daily candle is an imperfect morning doji star.

The intraday chart of nifty spot values with 5 min candles is shown below.