LEADER POST for Monday (02/09/13)
1. Supports are at about 5440
and 5370 while resistances are at about 5500, 5540 and 5640. Four +WWs can give
about 5515, 5565, 5590 and 5625 (+WWs with higher targets are not mentioned as of
now). A -WWs can give about 5352 (once below 5442) (-WWs with lower targets are
not mentioned as of now). A falling wedge BO can give about 5520 if nifty
remains above 5300. A rising wedge and a rising channel BD can give 5305/5125
if nifty remains below 5405.
Nifty rallied strongly again and closed
well above 5450, giving some hopes to the bulls. It also closed above 200 wma
and just below 100 wma. Also, +ve div persists upto weekly chart and thus gives
hopes of a further recovery. Consecutive hammers on weekly charts, a very rare
sign, also show strong reversal is likely. Oil price and INR continue to play
spoilsport and will remain key to the future of Indian markets in the short to
medium term. Additional tension is the likelihood of a US attack on Syria. High
VIX can cause sharp swings. Only global cues and/or liquidity can take nifty
further up.
2. PCR up at 1.22 and VIX down at 27.81.
Pre-open data suggests an uncertain to +ve nifty after a slight gap up open
unless it remains below 5480 by afternoon.
3. AS 9.30 STRATEGY, BUY BELOW 5443NF,
TARGET 5505, SL 5413.
4. Target met before 9.30 itself.
5. Target of first +WW of the first post
met.
6. Target of second +WW met.
7. Target of BO of falling wedge of the
first post was also met.
8. Nifty opened up with a slight gap and
just kept going up, albeit with minor but insignificant corrections. It made a
higher high and low than those on Friday before closing +ve and also above
Friday's close. The targets of first two +WWs and that of BO of falling wedge
of the first post were met. Also met was target of 9.30 strategy but before
9.30 itself and without giving chance of an entry.
The intraday chart
of nifty spot values with 5 min candles is shown below.
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