LEADER POST for Wednesday (31/07/13)
1. Support is at about 5723
while resistances are at about 5802, 5817, 5869 and 5950. Previous gap on lower
side is at about 5682. Four +WWs can give about 5859 (once above 5791), 5917 (once
above 5849), 5954 (once above 5879) and 5977 (once above 5794) (+WWs with
higher targets are not mentioned as of now). A -WW can give about 5577 (-WWs
with lower targets are not mentioned presently). A falling wedge/channel break
out can give about 6045 if nifty remains above 5800.
Nifty fell again and closed below 5800 and
is clearly very bearish. However, a +ve div is seen on lower TFs. Support
exists at about 5750 and some recovery is possible as nifty has fallen for five
straight days but higher levels are possible only if it closes above 5900. A
close below 5723 can result in much lower levels as weekly support lies at
5612/5548. Wednesday's close is important as it will be a monthly close. Oil
price and/or INR will remain key to the future of Indian markets in the short
term. High VIX can cause sharp swings. Only global cues and liquidity can
prevent further fall. Fed policy being on 31/07, trade carefully.
2. Pre-open data suggests a -ve nifty
after a small gap down open unless it remains above 5739 by afternoon.
3. AS PER 9.30 STRATEGY, SELL ABOVE
5796NF, TARGET 5736, SL 5826.
4. Target met without giving chance of an
entry.
5. Nifty opened down with a small gap,
fell further to make a lower low but rose sharply later in the day to close
slightly +ve but below yesterday's close. The target of 9.30 strategy was met
but without giving chance of an entry. The daily candle is a long legged doji
cum hammer cum imperfect morning star.
The intraday chart
of nifty spot values with 5 min candles is shown below.
No comments:
Post a Comment