LEADER POST for
Thursday (12/09/13)
1. Supports are at about 5865, 5830 and
5810 while resistances are at about 5935 and 5985. 200/100 dma are at about
5836/5814 while 50wma is also at 5814. The nearest gap on lower side is at
5680. A +WW can give about 5985 (+WWs with higher targets are not mentioned as
of now). Three -WWs can give about 5883, 5806 and 5720 (once below 5873) (-WWs
with lower targets are not mentioned as of now). A rising wedge BD can give
about 5580 and a rising channel BD can about 5320 in case nifty remains below
5830.
Nifty at last closed above 5900 and above 100/200 dma. It crossed just
below 200 dma before bouncing up. But it seems to be tiring out. Hence, a
reaction is likely. Also, daily candle is a hanging man, a likely reversal
sign. Nifty will have to close above 5914 with a green candle to defeat it.
Break of 5815 could be bad but break of 5730 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 due to likelihood of a US
attack on Syria seems to be going away for the moment. 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
5977NF, TARGET 5909, SL 6007.
3. Target met before 9.30 again i.e.
without giving chance of an entry.
4. Target of first -ww met.
5. Nifty opened up with a small gap but
quickly reacted and didn't stop throughout the day. It thus made a higher high
and a lower low than yesterday before closing -ve and also below yesterday's
close. The target of first -ww of the first post was met while that of second
-ww was just missed. The target of 9.30 strategy was met before 9.30 without
getting chance of an entry. The daily candle is bearish engulfing.
The
intraday chart of nifty spot values with 5 min candles is shown below.
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