LEADER POST for Friday (30/11/12)
1. Supports are at about 5795,
5690 and 5660 while resistance is at about 5850. (+WWs with higher targets are
not mentioned as of now). Three likely -WWs give about 5780 (once below 5810), 5765
and 5740 (other -WWs with lower targets are not mentioned presently). A bullish
flag gives much higher level unless killed below 5625.
Nifty closed above 5800 and the daily
candle is also a Marubuzo, indicating a strong bullish sentiment. However, -ve
div is seen on both daily and weekly charts. If nifty goes below 5757, it will
be worrisome while a close below 5690 may be bad. I feel it may react a bit to
consolidate and will be ideal for a "buy on dips" situation. Much
higher targets are expected. Tomorrow's candle is important as it will be a
daily, weekly and monthly candle.
2. AS PER
9.30 STRATEGY, BUY BELOW 5908NF, TARGET 5935, SL 5878.
3. SL hit.
Sell above 5878NF target 5847/39 SL 5908. But wait to see whether 5tf closes
below 5878. It did not in this candle.
4. SL hit.
5. SL (of
reverse trade) hit again.
6. Nifty
opened up with a gap and went down a bit but failed to fill the gap and then
took off to make a higher high and low than that yesterday to close +ve and
also above yesterday's low. The SL of 9.30 strategy trade was hit as also the
SL of reverse trade. However, neither side target was met. The daily candle is
once again a Marubuzo thereby forming three white soldiers. However, the nifty
fut candle is NOT a Marubuzo thereby indicating a possible Advance Block
pattern, which indicates a likely reversal.
The intraday chart of nifty spot values with 5 min candles is shown below.
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