LEADER POST for
Tuesday (09/07/13)
1. Supports are at about 5782 and 5767
while resistances are at about 5825, 5844, 5873, 5897 and 5927. The unfilled
gaps on the higher/lower side are at about 5868/5682. Four +WWs can give about
5877, 5910 (once above 5819), 5934 and 5942 (once above 5829) (+WWs with higher
targets are not mentioned as of now). A -WW can give about 5720 (-WWs with
lower targets are not mentioned presently). A weekly bearish flag can give a
much lower level unless it gets killed above about 6012. A daily bullish flag
can give a much higher level unless it gets killed below about 5700.
Nifty recovered after a gap down opening and managed to close above 5800
but again below 200 sma and thus confirming the evening star of Friday and the
hanging man of last week. The trend still appears to be bearish. Only if nifty
closes above 50 sma (about 5922), it will give hopes to bulls. Oil price and
INR will remain key to the future of Indian markets in the short term. VIX and
PCR are expected to remain high and can cause sharp swings. Only global cues
and/or liquidity can take nifty further up.
2. PCR up at 1.19 and VIX up at 19.34.
Pre-open data suggests a +ve nifty after a small gap up open unless it remains
below 5834 by afternoon.
3. AS PER 9.30 STRATEGY, BUY BELOW 5860NF,
TARGET 5894, SL 5830.
4. Nifty opened up with a gap and went up
to make a higher high but reacted immediately only to recover again. It made a
higher low before closing +ve and also above yesterday's close. The total range
was narrow at about 30 and hence none of the targets were met. The gap on upper
side was narrowly missed from getting fully filled up. Today was a NR7 day
again. The daily candle is like an evening star.
The intraday chart of nifty spot values
with 5 min candles is shown below.
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