Daily_Nifty_VP's View-11/12/12

LEADER POST for Tuesday (11/12/12)

1.         Supports are at about 5895, 5887, 5874, 5850 and 5823 while resistances are at about 5913, 5975 and 5980. Two likely +WWs give about 5939 and 5947 (+WWs with higher targets are not mentioned as of now). Three likely -WWs give about 5878, 5866 and 5826 (other -WWs with lower targets are not mentioned presently).

The daily Nifty candle is a hammer and can be a sign of reversal. It gets defeated only if nifty closes below 5888 for a couple of days. If nifty closes below 5827, it may be worrisome. Nifty may be very choppy. Hence trade with strict SLs.

2.         PCR up at 1.08 and VIX down at 14.51. Pre-open high/low 5935.40/5897.25 and close at 5923.80. This may indicate an uncertain nifty after a small gap up opening.

3.         AS PER 9.30 STRATEGY, BUY BELOW 5947NF, TARGET 6002/21 SL 5917.

4.         Targets of both +WWs met.

5.         Target of 9.30 strategy met.

6.         5965NS is a good resistance.

7.         Target of first -ww met.

8.         Nifty opened up with a small gap, made a new high to give targets of both +WWs of the first post as also that of 9.30 strategy trade in the first 15 minutes but without giving a chance of an entry. However, it then tanked to fill up the gap and went down further to give target of first -ww of the first post. It thus made a higher high and lower low than those yesterday. Though it recovered late in the day, it could not close above the psychological level of 590

The intraday chart of nifty spot values with 5 min candles is shown below.