Daily_Nifty_VP's View-14/06/13

LEADER POST for Friday (14/06/13)

1.         Supports are at about 5670 and 5630 while resistances are at about 5755, 5780, 5813, 5833, 5854 and 5872. Two likely +WWs give about 5737 (once above 5700) and 5785 (once above 5729) (+WWs with higher targets are not mentioned as of now). (-WWs with lower targets are not mentioned presently). Two falling channels can give 5972/6130 upon BO above 5700/5832.

Nifty fell again and narrowly missed closing above 5700 and thereby negated yesterday's morning star. It now seems destined to go to 5610/5450. Thursday was a NR7 day indicating a big move to come either side. The daily candle is a spinning top, indicating uncertainty. Nifty must now close above 5778 to enable higher levels. 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 up open unless it remains below 5749 till afternoon.

3.         AS PER 9.30 STRATEGY, SELL ABOVE 5774NF, TARGET 5725, SL 5804.

4.         Target of first +ww of the first post met.

5.         Target of second +ww of the first post also met and SL of 9.30 strategy hit.

6.         Though I didn't post reverse strategy because SL was hit too late in the day, target of reverse trade was met but without giving chance of an entry.

7.         Nifty opened gap up and continued to go up making a higher high and low than those yesterday before closing strongly +ve and also above the last three days' close. Targets of both +WWs of the first post were met. However, SL of 9.30 strategy was hit late in the day and target of reverse trade met but without giving chance of an entry. The daily candle is a bullish Marubuzo.

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