LEADER POST for
Tuesday (23/07/13)
1. Supports are at about 6000 and 5976
while resistances are at about 6067, 6090, 6129 and 6157. Six +WWs can give
about 6053 (once above 6031), 6075 (once above 6048), 6078, 6085 (once above
6022), 6091, and 6123 (+WWs with higher targets are not mentioned as of now).
Three -WWs can give about 5992, 5933 and 5894 (once below 6055) (-WWs with
lower targets are not mentioned presently). A daily bullish flag can give about
6085 unless killed below about 5700.
Nifty rose after a gap down open and managed to close above 6000 again.
However, it broke Friday's low twice and made lower high as well. Also, a mild
-ve div is seen in RSI on daily chart though not at oversold levels. Hence,
nifty may not fall much. About 6000 seems to be a tight SL for longs but 5970
is probably the last SL in immediate term. If 6150 is not crossed latest by
Wednesday, expiry could be below 6100. 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 1.32 and VIX down at 17.63.
Pre-open data suggests a +ve nifty after a gap up open unless it remains below
6064 by afternoon.
3. AS PER 9.30 STRATEGY, BUY BELOW 6091NF,
TARGET 6123, SL 6061.
4. Targets of first three +WWs of the
first post met.
5. Target of fourth +WW of the first post met. Target of daily bullish flag of the first post also met.
6. Target of fifth +WW of the first post
met.
7. Nifty opened up with a gap and made a
higher high and low than those yesterday before closing +ve and also above
yesterday's close. The targets of first five +WWs of the first post were met.
However, total range was only about 32 and hence target of 9.30 strategy was
not met. It was a NR7 day. Daily candle is an evening star and an imperfect
inverted hammer.
The intraday chart
of nifty spot values with 5 min candles is shown below.
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