LEADER POST for Wednesday (12/12/12)
1. Supports are at about 5879,
5852 and 5790 while resistances are at about 5904, 5912, 5926 and 5980. Three
likely +WWs give about 5910, 5945 and 5990 (+WWs with higher targets are not mentioned
as of now). A likely -WW gives about 5844 (other -WWs with lower targets are
not mentioned presently). A bearish flag gives much lower level unless killed
above 5930.
Nifty closed above 5888 but failed to
close above psychological level of 5900. The trend is still bearish unless
nifty closes above 5965. If nifty closes below 5827, it may be worrisome. Nifty
may be very choppy for a few more days. Hence trade with strict SLs.
2. PCR down
at 1.04 and VIX up at 14.67. Pre-open high/low at
5918/5878.75 and close at 5917.80. This may indicate a +ve nifty after a slight
gap up open.
3. Target of
first +ww met.
4. AS PER
9.30 STRATEGY, BUY BELOW 5955NF, TARGET 5985/98 SL 5925.
5. If SL is
hit, sell above 5927NF target 5896/91 SL 5957.
6. A new -ww
gives about 5892 which corresponds to 5925NF, the SL for 9.30 strategy. So I
feel one may wait for a 5tf close below 5925 before closing long trade.
7. -ww
target considered met.
8. Nifty
opened up with a small gap but gradually started going down. It made a lower
high and higher low than those yesterday before closing -ve and also below
yesterday's close though nifty fut closed flat w.r.t. yesterday's close. The
target of first +ww of the first post was met in the open itself as also the
target of a -ww identified during the day. However, SL of 9.30 strategy trade
was hit but the target of reverse trade was not met. The daily candle is an
inside bar.
The intraday chart of nifty spot values with 5 min candles is shown below.
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