LEADER POST for Tuesday (27/08/13)
1. Supports are at about 5405
and 5384 while resistances are at about 5522 and 5580. Five +WWs can give about
5495, 5559, 5602, 5631 and 5693 (+WWs with higher targets are not mentioned as
of now). Three -WWs can give about 5407, 5359 and 5328 (-WWs with lower targets
are not mentioned as of now). A falling wedge BO can give about 5750 if nifty
remains above 5300. A rising wedge can give about 5350 unless nifty goes up
again. A bearish flag can give much lower levels unless killed above about
5580.
Nifty closed -ve but managed to close
above 100/200 wma again. However, daily candle is like an imperfect hanging man
and though it is not at the top of an uptrend, nifty must close well above 5500
(preferably 5529) with a green candle for a further upmove. Also, Monday was a
NR7 day and we may see a big move either way on Tuesday. INR continues to play
spoilsport earlier and will remain key to the future of Indian markets in the
short to medium term. However, a low INR has also become attractive for FIIs
and some fresh buying is expected unless it goes above 66. 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 5427 by afternoon.
3. AS PER 9.30 STRATEGY SELL ABOVE 5406NF,
TARGET 5369, SL 5436.
4. Target of first -ww met.
5. Target of 9.30 strategy met.
6. Targets of all -WWs of the first post
met.
7. Target of BD of rising wedge of the
first post met.
8. Nifty opened gap down and continued to
slide, making lower high and low than those yesterday before closing strongly
-ve and also strongly below yesterday's close. Thus yesterday's NR7 day yielded
its effect. Targets of all the three -WWs and that of BD of rising wedge of the
first post were met. Also met was target of 9.30 strategy.
The intraday chart
of nifty spot values with 5 min candles is shown below.
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