LEADER POST for Monday (03/12/12)
1. Supports are at about 5860,
5827 and 5726 while resistances are at about 5890, 5935 and 5950. (+WWs with
higher targets are not mentioned as of now). Three likely -WWs give about 5833
(once below 5861), 5851 and 5845 (other -WWs with lower targets are not
mentioned presently). A rising wedge BD can give about 5630.
Nifty once again closed at a new high and
the daily candle is again a Marubuzo, thereby forming three white soldiers,
indicating a strong bullish sentiment. However, -ve div is seen on both daily
and weekly charts and the nifty fut daily candle is not a Marubuzo thereby
forming a possible Advance Block (Platter) pattern, indicating that bulls may
be tiring out. If nifty closes below 5827, it may be worrisome. I feel it may
react a bit to consolidate and will be a "buy on dips" story. Much
higher levels are expected.
2. BUY below
5926 NF TARGET 5959 SL 5896.
3. If SL is
hit, SELL above 5905 NF Target 5871 SL 5935.
4. (post by
LLK) With low of 5892, SL having hit, sell is being attempted.
5. Nifty
opened up with a mild gap, made a new high (higher high and low) but then
reacted to close mildly -ve and also below Friday's close. However, nifty fut
closed slightly above yesterday's close. The SL of 9.30 strategy was hit but
the target of reverse trade was not met. The total range was about 45. The
daily candle is a spinning top. The daily candle of NF is also an imperfect
evening doji star.
The intraday chart of nifty spot values with 5 min candles is shown below.
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