LEADER POST for Wednesday (14/08/13)
1. Supports are at about 5694,
5619 and 5590/5575 while resistances are at about 5720 and 5825/5840. The
200dam is at about 5852. Four +WWs can give about 5753, 5824, 5832 and 5866
(+WWs with higher targets are not mentioned as of now). Five -WWs can give
about 5644 (once below 5680), 5641 (once below 5674), 5609 (once below 5667)
and 5613/5564 (once below 5650). Two falling wedges/ channels BO can give about
5805/6045 while two rising channels/wedges can give about 5510/5580 in case of
BD below 5546.
Nifty rose sharply but narrowly missed
closing above 5700 and we could see higher levels before next reaction sets in.
A close below 5500 can cause further fall. INR can play spoilsport and will
remain key to the future of Indian markets in the short to medium term. High
VIX can cause sharp swings. Only global cues and/or liquidity can take nifty
further up.
2. PCR up at 1.0 and VIX down at 19.26.
Pre-open data suggests a flat to -ve nifty after small gap up open unless it
remains above 5716 by afternoon.
3. AS PER 9.30 STRATEGY, SELL ABOVE
5709NF, TARGET 5677, SL 5739.
4. If SL is hit, buy below 5730NF, target
5763, SL 5700.
5. SL hit.
6. Target of first +ww of the first post
met in the last 5 min.
7. Nifty opened up with a small gap and
remained in a range of about 35 before making an upmove late in the day. It
made a higher high and low than those yesterday before closing +ve and also
above yesterday's close. Target of first +ww of the first post was met. But SL
of 9.30 strategy trade was hit and, though target of reverse trade was not met,
excellent buying opportunities were available that gave >50 point profit.
Daily candle is an evening star.
The intraday chart
of nifty spot values with 5 min candles is shown below.
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