LEADER POST for Wednesday (11/09/13)
1. Supports
are at about 5860, 5840, 5810 and 5730 while resistances are at about 5940,
5985 and 6002. 200/100 dma are at about 5836/5814 while the nearest gap on
lower side is at 5680. A +WW can give about 5980 (+WWs with higher targets are
not mentioned as of now). Three -WWs can give about 5860 (once below 5895),
5812 (once below 5860) and 5700 (once below 5810) (-WWs with lower targets are
not mentioned as of now). A rising wedge BD can give about 5580 in case nifty
remains below 5875.
Nifty
rose sharply once again in spite of a big gap up open and closed just below
5900 but above 100/200 dma. Hence, higher levels look very likely. Break of
5740 could be bad but break of 5614 could be very bad. Oil price and INR can
play spoilsport any time 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, SELL ABOVE 5889NF, TARGET 5845, SL 5919.
3. SL hit.
Now buy below 5888NF, target 5933, SL 5858.
4. Target of
reverse trade met without getting chance of an entry.
5. Target of
first -ww of the first post was met soon after open.
6. Though
buying chance came for reverse trade, its SL was also hit.
7. SL has
now been hit four times today.
8. Nifty
opened down with a slight gap and quickly made a higher high. However, it
reacted immediately to make a lower intraday low but a higher low than
yesterday. It rose sharply again to make a higher intraday high before closing
+ve and also above yesterday's close. Target of first -ww of the first post was
met. However, SLs of 9.30 strategy were hit on either side four times. Also,
target of reverse trade was met twice but without giving a chance of an entry.
The daily candle is a hanging man.
The intraday chart of nifty spot values with 5 min
candles is shown below.
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