LEADER POST for Tuesday (20/11/12)
1. Supports are at about 5544,
5538, 5526, 5516 and 5501 while resistances are at about 5574, 5610, 5639 and
5656. Four likely +WWs give about 5594, 5600, 5636 and 5655 (+WWs with higher targets
are not mentioned as of now). (-WWs with much lower levels are not mentioned
presently). A falling channel can give 5750 in case of a BO above 5616. A
bearish flag can give much lower level unless killed above 5615.
Nifty closed below 5600 once again and the
overall mood seems to be very bearish. However, the rate of fall is reduced a
great deal. Nifty can reverse soon if 5520 is respected since short term trend
is still bullish. To give sign of a possible reversal, nifty should take out
the resistance zone of 5633-5643. A daily close below 5520 may take it down
further to as low as 5400.
2. PCR at
0.96 and VIX at 16.68.
3. AS PER
9.30 STRATEGY, SELL ABOVE 5594NF, TARGET 5569/54 SL 5624.
4. Targets
of first two +WWs met in the open itself.
5. Target of
9.30 strategy met.
6. Nifty
opened up with a gap, made a higher high than yesterday but then reacted to
make a lower low before recovering a bit. However, it closed -ve but same as
yesterday's close. In the process, the targets of first wo +WWs of the first
post were met as also the target of 9.30 strategy trade. It seems to have made
a double bottom with yesterday. The daily candle is an "outside bar".
The intraday chart of nifty spot values with 5 min candles is shown below.
The initial portion till 10 am is not visible due to web problem.
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