LEADER POST for
Tuesday (16/07/13)
1. Supports are at about 5990, 5937 and
5882 while resistances are at about 6053, 6087 and 6100. A +WWs can give about
6066 (+WWs with higher targets are not mentioned as of now). Three -WWs can
give about 5994 (once below 6014), 5954 (once below 6019) and 5949 (once below
6026) (-WWs with lower targets are not mentioned presently). A daily bullish
flag can give about 6085 unless killed below about 5700.
Nifty rose again and closed above 6000 at a new high since 30/05 thereby
nullifying bearishness hinted by Friday's hanging man. 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 an uncertain but
possibly -ve nifty closing after a gap down open unless it remains above 5931
by afternoon.
3. (NF) Open 6032 and low 5844.40. Such
weird levels don't tell anything. I will try to post 9.30 strategy if chart
data shows moderate levels. Targets of all the three -WWs of the first post met
in the open itself.
4. AS PER 9.30 STRATEGY BASED ON NS
LEVELS, BUY BELOW 5940NS, TARGET 5973, SL 5910.
5. Nifty opened down with a big gap but
quickly started recovering. It made a lower high and low than yesterday (in
fact the high was below yesterday's low) before closing +ve but below
yesterday's close. The targets of all the three -WWs of the first post were met
but that of 9.30 strategy was missed. The daily candle is like a morning star
though it is not at the end of a downtrend. However, nifty fut candle is hammer
due to freak levels during open.
The intraday
chart of nifty spot values with 5 min candles is shown below.
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