LEADER POST for Monday (19/08/13)
1. Supports are at about 5485,
5455 and 5415 while resistances are at about 5590, 5670, 5695 and 5715.
Previous lows are 5486 and 5477. The 100/200 wma are at about 5465/5439. Three
+WWs can give about 5550 (once above 5509), 5595 (once above 5550) and 5617
(once above 5568) (+WWs with higher targets are not mentioned as of now). Two
-WWs can give about 5427 and 5389. A falling wedge BO can give about 5750 if
nifty remains above 5512.
Nifty crashed, confirming the evening star
of Wednesday, and barely managed to close above 5000, a very crucial level. Any
close below this may take nifty down a lot. However, a +ve div has appeared on
daily chart and on lower TFs and some recovery is likely. Weekly resistance is
at about 5660. INR has played 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. Pre-open data suggests a -ve nifty
after a slight gap down open unless it remains above 5500 by afternoon.
3. Immediate trend down, target 5458NF, SL
5564. Wait for 9.30 data.
4. Target already met.
5. AS PER 9.30 STRATEGY, SELL ABOVE
5545NF, TARGET 5458, SL 5575.
6. Target of first -ww of the first post
met.
7. Target of second -ww of the first post
also met.
8. Nifty opened down with a small gap but
tanked immediately as INR fell. It closed strongly -ve and also strongly below
Friday's close. The targets of both -WWs of the first post were met. The target
of 9.30 strategy was met before 9.30 itself i.e. without giving chance of an
entry.
The intraday chart
of nifty spot values with 5 min candles is shown below.
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