LEADER POST for Wednesday (21/11/12)
1. Supports are at about 5558,
5548/44, 5533/29, 5514 and 5500 while resistances are at about 5578, 5591, 5617
and 5635. A number of likely +WWs give about 5579, 5615, 5655/58 and 5715 (+WWs
with higher targets are not mentioned as of now). Two likely -WWs give about
5564 and 5516 (-WWs with much lower levels are not mentioned presently). A
falling channel can give about 5750/75 in case of a BO above 5588. A bullish
flag can give higher level unless killed below 5559.
Nifty closed below 5600 once again and the
overall mood seems to be very bearish. However, it seems to have made a double
bottom with yesterday's low. Also, Tuesday's candle is an "outside"
bar and, if Tuesday's lower low was fake then with oversold Stochastic, it can
give a reversal. In such a case, nifty should take out the resistance zone of
5633-5643 first. However, a daily close below 5520 may take it down further to
as low as 5400.
2. PCR at
0.98 and VIX at 15.81. Pre-open high/low at
5582.55/5570.90 and close at 5582.50. 10tf candle is the smallest so far but
it's a Morubuzo and may indicate a +ve nifty after a small gap up open.
3. AS PER
9.30 STRATEGY, SELL ABOVE 5579NF, TARGET 5548/28 SL 5609.
4. Target of
first +ww and -ww met.
5. Target of
bullish flag of the first post met.
6. Forgot to
mention that SL of 9.30 strategy was hit after 10.20 and target of reverse
trade is 5632NF.
7. Nifty
opened up with a small gap, went down a bit before rising. It made a higher
high and low than those yesterday before closing +ve, as was indicated by
pre-open data, and also above yesterday's close. In the process the targets of
first two +WWs, first -WW and the bullish flag of the first post were met.
However, the SL of 9.30 strategy trade was hit but the target of the reverse
trade was not met.
The intraday chart of nifty spot values with 5 min candles is shown below.
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