LEADER POST for
Tuesday (20/08/13)
1. Supports are at about 5410 and 5325
while resistance is at about 5585. Previous unfilled gap is at about 5238. The
100/200 wma are at about 5470/5440. Two +WWs can give about 5460 (once above
5407) and 5545 (once above 5489) (+WWs with higher targets are not mentioned as
of now). A falling wedge BO can give about 5750 if nifty remains above 5350.
Nifty crashed again and barely managed to close above 5400. 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
5650. 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 gap down open unless it remains above 5354 by afternoon.
3. Freak low of 5200 and hence SL so high.
Target already met.
4. AS PER 9.30 STRATEGY, SELL ABOVE
5474NF, TARGET 5364, SL 5504.
5. Nifty opened down with a big gap, made
a lower low but then rose sharply. Target of 9.30 strategy was met before 9.30
itself. Finally it closed +ve but below yesterday's close.
The intraday chart
of nifty spot values with 5 min candles is shown below.
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