LEADER POST for
Tuesday (10/09/13)
1. Supports are at about 5655, 5625 and
5585 while resistances are at about 5715 and 5800. 50 dma is at about 5704
while 100/200 dma and 50 wma are close together within 5807-5836 . A +WW can
give about 5848 (+WWs with higher targets are not mentioned as of now). Two
-WWs can give about 5658 (once below 5685) and 5644 (once below 5738, which is
yet to be reached) (-WWs with lower targets are not mentioned as of now). A
bullish flag can give much higher level unless killed below 5300.
Nifty rose in spite of a gap up open and closed just short of 5700. It thus
added to the hopes of the bulls again by closing at a new recent high. However,
daily candle is like an imperfect hanging man and nifty will have to close
higher to negate it. Yearly weighted average is about 5780 and strong
resistance zone exists nearby. Oil price and INR continue to play spoilsport
and will remain key to the future of Indian markets in 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. AS PER 9.30 STRATEGY, BUY BELOW 5750NF,
TARGET 5816, SL 5720.
3. Target met before 9.30 itself i.e.
without getting chance of an entry.
4. Target of +ww considered met.
5. Target of bullish flag of the first
post was also met.
6. Nifty once again opened up with a big
gap and kept rising. It made a new high since 26/7 and a higher low before
strongly +ve and also above Friday's close. Targets of +ww and bullish flag of
the first post were met. Also, target of 9.30 strategy was met before 9.30 and
chance of an entry never came later too. Daily candle is a big, bullish
Marubuzo.
The intraday chart
of nifty spot values with 5 min candles is shown below.
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