LEADER POST for
Thursday (13/06/13)
1. Support is at about 5723 while
5700-5750 is strong support zone. Resistances are at about 5781, 5800, 5834,
5863 and 5922. 200ema and 61.8% retracement of fall from 6229 are around 5665.
Two likely +WWs give about 5803 and 5938 (once above 5821) (+WWs with higher
targets are not mentioned as of now). (-WWs with lower targets are not
mentioned presently). Two falling wedges can give 5972/6130 upon BO above
5785/5825.
Nifty recovered after a gap down open but still closed at a new low below
5800 and seems destined to go to 5700/5625/5500. However, the daily candle is a
morning doji star, a reversal sign. To confirm reversal, nifty must close well
above 5789, preferably above 5819, and that too preferably with a gap up open.
Also, a +ve div persists CCI on daily chart and on RSI on lower TFs. A Red
candle with a gap down open will result in further fall. Nifty now needs to
close above 5908 first to give some hope to bulls. VIX and PCR are still high
and can cause sharp volatility. Only global cues and/or liquidity can save
nifty from more severe fall.
2. Pre-open data suggests a +ve nifty
after a gap down open unless it remains below 5709 by afternoon.
3. AS PER 9.30 STRATEGY, SELL ABOVE
5701NF, TARGET 5677, SL 5731.
4. If SL is hit, buy below 5739NF, target
5763, SL 5709.
5. SL hit.
6. SL hit of reverse trade also.
7. Nifty opened gap down and remained
within a range of about 47 points. It made a lower high and low than those
yesterday before closing -ve and also below yesterday's close. The SL of 9.30
strategy trade was hit on either side but target on neither side was met due to
narrow range and high volatility. The daily candle is again a morning star.
Today was also a NR7 day.
The
intraday chart of nifty spot values with 5 min candles is shown below.
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