LEADER POST for Monday (15/07/13)
1. Supports are at about 5980,
5950, 5939 and 5890 while resistances are at about 6040, 6062 and 6095. Two
+WWs can give about 6072 and 6100 (+WWs with higher targets are not mentioned
as of now). Five -WWs can give about 5962 (once below 5986), 5950 (once below
5993), 5931 (once below 5970), 5925 (once below 5960) and 5873 (once below
5950) (-WWs with lower targets are not mentioned presently). A daily bullish
flag can give about 6085 unless killed below about 5700.
Nifty closed flattish after a gap up
opening but yet closed above 6000, giving strongly bullish signal. But, the
daily candle is a hanging man, a bearish sign. However, RSI is not oversold and
weekly chart shows bullishness and hence nifty may not fall much. Intraday
breach of 5950 should be taken as alert but a weekly close below about 5915 can
cause further fall. 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. Pre-open data suggests a +ve nifty
after a small gap down open unless it remains below 5991 by afternoon.
3. AS PER 9.30 STRATEGY, SELL ABOVE
5984NF, TARGET 5960, SL 6014.
4. If SL is hit, buy below 6026NF, target
6051, SL 5996.
5. SL hit.
6. Nifty opened down with a small gap and
remained flat for a while before taking off. It made a higher high and low than
those on Friday before closing +ve and also above Friday's close. The SL of
9.30 strategy was hit but target of reverse trade was not met.
The intraday
chart of nifty spot values with 5 min candles is shown below.
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