LEADER POST for Friday (21/12/12)
1. Supports are at about 5903,
5869 and 5802 while resistances are at about 5929 and 5984. Other levels to
watch are 5940 and 5965. Three likely +WWs give about 5962, 5966 and 5997 (+WWs
with higher targets are not mentioned as of now). Three likely -WWs give about
5895, 5880 and 5823 (other -WWs with lower targets are not mentioned
presently). A bullish flag can give about 5997 unless killed below 5868.
Nifty closed below 5925 again. The daily
candle is an imperfect hanging man, which can be bearish. Friday's candle must
be green with preferably a gap up opening to defeat it. Also, nifty has to
close above 5965 to become bullish again. If nifty opens down with a big gap,
it can be tricky. If it closes below 5827, it may become bearish. Nifty may be
very choppy as expiry approaches. Hence trade with strict SLs.
2. PCR still
at 1.08 and VIX at 14.32. Pre-open high/low at
6056.45/5887.80 and close at 5888. 10tf candle is an inverted hammer and may
actually indicate a +ve nifty after a gap down open.
3. AS PER
9.30 STRATEGY, SELL ABOVE 5891NF, TARGET 5855/41, SL 5921.
4. Targets
of first two -WWs met.
5. 9.30
strategy trade target considered met.
6. Nifty
opened down with a gap and slid down, making a lower high and low than those
yesterday before closing -ve and also below yesterday's close. In the process,
targets of first two -WWs of the first post and that of 9.30 strategy trade
were met. Both the daily and weekly candles are like morning stars.
The intraday chart of nifty spot values with 5 min candles is shown below.
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