LEADER POST for
Tuesday (13/08/13)
1. Supports are at about 5590 and
5565/5554 while resistances are at about 5661/5677 and 5695. The 100/200 wma
are at about 5466/5440 while 200dam is at 5851. Five +WWs can give about 5730/5798
(once above 5593), 5757/5823 (once above 5624) and 5810 (once above 5600) (+WWs
with higher targets are not mentioned as of now). Four -WWs can give about 5583
(once below 5622), 5580 (once below 5610), 5556 (once below 5596) and 5508
(once below 5578). Three falling wedges/ channels BO can give about
5695/5805/6045 if nifty goes and remains above 5512/5560. A rising channel can
give about 5510 in case of BD below 5600.
Nifty closed above 5600 but is not out of the woods yet. Also, the daily
candle is a Doji and can imply reversal or consolidation. Hence, we could see
some volatility and large swings. Higher levels are possible only if nifty
closes above 5685. A close below 5500 can cause further fall. INR continues to
play spoilsport and 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.
2. Pre-open data suggests a +ve nifty
after a small gap down open unless it remains below 5600 by afternoon.
3. AS PER 9.30 STRATEGY, BUY BELOW 5609NF,
TARGET 5649, SL 5579.
4. Targets of first two -WWs of the first
post met.
5. Target met without getting chance of an
entry.
6. Target of BO of first wedge of the
first post met.
7. Nifty opened down with a slight gap but
that was the end of it. It rose sharply and kept rising making a higher high
and low than those yesterday before closing strongly +ve and also strongly +ve
above yesterday's close. The targets of first two -WWs of
the first post were met also the target of BO of first falling wedge of the
first post. However, target of 9.30 strategy trade was met without getting
chance of an entry.
The intraday chart
of nifty spot values with 5 min candles is shown below.
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