LEADER POST for Wednesday (04/09/13)
1. Supports are at about 5293
and 5240 while resistances are at about 5370, 5392, 5425 and 5497. Four +WWs
can give about 5397 (once above 5363), 5421 (once above 5395), 5476 (once above
5442) and 5526 (once above 5470) (+WWs with higher targets are not mentioned as
of now). A -WWs can give about 5197 (-WWs with lower targets are not mentioned
as of now). A rising wedge and a rising channel BD can give 5305/5125 if nifty
goes down further.
Nifty tanked and close below 5350, killing
any hopes that bulls had in the last few days. If 5250 is breached 5120 and
lower levels are 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 save nifty.
2. Pre-open data suggests a +ve nifty
after a small gap up open unless it remains below 5358 by afternoon.
3. Target met before 9.30 once again.
4. AS PER 9.30 STRATEGY, BUY BELOW 5311NF,
TARGET 5378, SL 5281.
5. Targets of first two +WWs of the first
post met.
6. Nifty opened up with a small gap
(though nifty fut opened down with a small gap) and kept rising. It did react
midway but couldn't sustain and rose again. It thus made a lower high and low
than yesterday before closing strongly +ve and also strongly above yesterday's
close. The targets of first two +WWs of the first post were met as also the
target of 9.30 strategy but without giving chance of an entry. Daily candle of
nifty fut is bullish piercing though not of nifty spot.
The intraday chart
of nifty spot values with 5 min candles is shown below.
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