LEADER POST for Friday (26/07/13)
1. Supports are at about 5870,
5840 and 5800 while resistances are at about 5935, 6002 and 6040. Previous gap
on lower side is at about 5816. Likely lower levels seem to be 5830, 5750 and 5630.
It is to be noted that 50/200 dma are at 5905 and 5851 and nifty may take
support there. Three +WWs can give about 5948, 6006 (once above 5956) and 6046
(+WWs with higher targets are not mentioned as of now). Two -WWs can give about
5889 and 5830 (-WWs with lower targets are not mentioned presently). A falling
wedge break out can give about 6085 if nifty goes above 5927.
Nifty fell in spite of a gap down open and
just managed to close above 5900 and is clearly bearish. Also, a mild -ve div
is seen on weekly chart. About 5850 can be the SL for longs while about 6110
the SL for shorts. 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 crashed to 1.0 and VIX down at
16.72. Pre-open data suggests a +ve nifty after a small
gap up open unless it remains below 5937 by afternoon.
3. AS PER 9.30 STRATEGY, BUY BELOW 5970NF,
TARGET 6000, SL 5940.
4. If SL is hit sell above 5941NF, target
5910, SL 5971.
5. (Post by LKL) SL is hitted (sic).
6. Target of reverse trade met.
7. Target of first -WW was met around noon.
8. Nifty opened up with a small gap but
that was the end of it. It started sliding and made a lower high and low than
those yesterday. It tried to rally late in the day only to retreat again,
closing -ve and also below yesterday's close. The target of first -ww of the
first post was met. However, SL of 9.30 strategy was hit and target of reverse
trade was met.
The
chart for the week shows further slide possible. However, due to +ve div in
lower tf, some recovery is possible.
The intraday and
week’s chart of nifty spot values with 5 min candles is shown below.
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