LEADER POST for
Thursday (05/09/13)
1. Supports are at about 5418 and 5380
while resistances are at about 5485, 5525 and 5660. 100 wma is at about 5483.
Two +WWs can give about 5520 and 5539 (once above 5442) (+WWs with higher
targets are not mentioned as of now). Four -WWs can give about 5391 (once below
5431), 5357 (once below 5474), 5315 and 5280 (-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. A bullish flag can give about 5500 unless killed
below 5370.
Nifty rose again to close just below 5450 and 200 wma. If 5250 is breached
5120 and lower levels are likely. A break above 5600 can take it to 5750. +ve
div remains on daily chart. 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 big gap up open unless it remains below 5553 by afternoon.
3. Target met well before 9.30.
4. AS PER 9.30 STRATEGY, BUY BELOW 5493NF,
TARGET 5593, SL 5463.
5. Targets of both the +WWs and bullish
flag of the first post met.
6. Nifty opened up with a big gap, made a
higher high and low than yesterday before closing +ve and also above
yesterday's close. However, while morning high was not broken, low was broken.
The targets of both +WWs and bullish flag of the first post were met due to gap
up open. Also, target of 9.30 strategy was met before 9.30 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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