LEADER POST for Tuesday (12/02/13)
1. Supports are at about 5893, 5873, 5855 and 5819 while resistances are at about 5915, 5920 and 5931. Three likely +WWs give about 5958 (once above 5910), 5997 (once above 5896) and 6057 (once above 5910) (other +WWs with higher targets are not mentioned as of now). Three likely -WWs give about 5885, 5850 and 5825 (other -WWs with much lower targets are not mentioned presently). The target of BD of a rising channel mentioned last week is 5840 unless nifty goes up again and remains above 6075. BO of a falling channel can give about 6110 if nifty goes and remains above 5915. However, the bottoms of this channel are at about 5856. A bearish flag gives lower target unless killed above 5908.
Nifty closed below 5900 and is bearish. The next gap at lower level... to be filled is at 5727. Also, nifty is in the danger of forming "three black crows" on weekly chart if it continus to go down, which will be very bearish. The only hope for bulls is that (a) CCI has developed a +ve div and (b) nifty is as oversold as it was in third week of Nov. Bulls will thus hope that history will repeat. Also, daily candle of nifty fut is a likely but imperfect morning star, a sign of reversal. For such a reversal, nifty will have to open gap up and close +ve.
Only if Nifty closes above 6000 (particularly 6035) it will go up further but will be bullish only above a weekly close of 6150. Only global clues and/or liquidity (including from DIIs) can save nifty. Volatility will gradually increase in February as budget day approaches.
1. Supports are at about 5893, 5873, 5855 and 5819 while resistances are at about 5915, 5920 and 5931. Three likely +WWs give about 5958 (once above 5910), 5997 (once above 5896) and 6057 (once above 5910) (other +WWs with higher targets are not mentioned as of now). Three likely -WWs give about 5885, 5850 and 5825 (other -WWs with much lower targets are not mentioned presently). The target of BD of a rising channel mentioned last week is 5840 unless nifty goes up again and remains above 6075. BO of a falling channel can give about 6110 if nifty goes and remains above 5915. However, the bottoms of this channel are at about 5856. A bearish flag gives lower target unless killed above 5908.
Nifty closed below 5900 and is bearish. The next gap at lower level... to be filled is at 5727. Also, nifty is in the danger of forming "three black crows" on weekly chart if it continus to go down, which will be very bearish. The only hope for bulls is that (a) CCI has developed a +ve div and (b) nifty is as oversold as it was in third week of Nov. Bulls will thus hope that history will repeat. Also, daily candle of nifty fut is a likely but imperfect morning star, a sign of reversal. For such a reversal, nifty will have to open gap up and close +ve.
Only if Nifty closes above 6000 (particularly 6035) it will go up further but will be bullish only above a weekly close of 6150. Only global clues and/or liquidity (including from DIIs) can save nifty. Volatility will gradually increase in February as budget day approaches.
2. AS PER 9.30 STRATEGY, BUY BELOW 5926NF, TARGET 5956, SL 5896.
3. Target of first -ww missed by less than 2.
4. Nifty opened down with a slight gap, tried to go down but later started rising to make a higher high/low than those yesterday before closing +ve and also above yesterday's close. The target of the first -ww was narrowly missed. Apart from the fact that it was a green daily candle, it was a relatively uneventful day, the total tange being about 40.
The intraday chart of nifty spot values with 5 min candles is shown below.
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