LEADER POST for Monday (10/12/12)
1. Supports are at about 5893
and and 5886/83 while resistances are at about 5918, 5926, 5950 and 5965. A
likely +ww gives about 5928 (+WWs with higher targets are not mentioned as of
now). Three likely -WWs give about 5886, 5847 and 5841 (other -WWs with lower
targets are not mentioned presently).
Nifty made a new high again but Thursday's
long legged Doji showed its bearish effect and nifty closed -ve. Also, weekly
candle is like an evening star and can be bearish. It gets defeated only if
nifty closes above 5950NS (Friday' high) for a couple of days. If nifty goes
below 5862, one needs to be cautious but if it closes below 5838, it may be
worrisome. Nifty may be very choppy. Hence trade with strict SLs.
2. PCR
slightly down at 1.05 and VIX also down at 14.96. Pre-open
NS opened around 5900, made a low of about5680 and closed at 5916. The 10tf
candle is a long legged doji and may indicate a flat to +ve nifty after a
slight gap up open.
3. AS PER
9.30 STRATEGY, SELL ABOVE 5926NF, TARGET 5899/88, SL 5956.
4. But the
first 5f candle is a doji and hence be careful. Better to sell closer to SL
than 5926.
5. Nifty
opened up with a small gap but nifty fut opened down with a slight gap. Also,
nifty closed flat though slightly above Friday's close while nifty fut closed
slightly -ve and also slightly below Friday's close. In the process, nifty made
a lower high and higher low than those on Friday with total range being about
32. Nifty went within 2 points of meeting target of first -ww of the first post.
The intraday chart of nifty spot values with 5 min candles is shown below.
The first 35 min of chart is not available since website was not working.
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