LEADER POST for
Thursday (19/09/13)
1. Supports are closely spaced at about
5879, 5857, 5832, 5808 and 5745 while resistances are at about 5943, 5986, 6002
and 6074. 200/100 dma are at about 5840/5818 and 50 wma is at about 5814 while
a gap on lower side is at 5680. Three +WWs can give about 5947, 5975 and 5999
(+WWs with higher targets are not mentioned as of now). Two -WWs can give about
5850 (once below 5881) and 5770 (once below 5877) (-WWs with lower targets are
not mentioned as of now). A rising wedge BD can give about 5580 if nifty goes
down again. An AT seems to have broken out with a likely target of 5945. A
horizontal channel can give about 6050 after a BO above 5945 or 5700 after a BD
below 5810.
Nifty rose again but closed just below 5900 and above 100/200 dma and 50
wma for the sixth time in a row. Daily candle is again an Inside Bar to the
mother candle of 16/9 and also a doji. A close below 5795 could be bad but a
close below 5730 could be very bad. Weekly resistance is at about 5989. Oil
price and INR can play spoilsport any time and will remain key to the future of
Indian markets in short to medium term. Wednesday night's FOMC meet will show
its effect when our market opens. RBI policy review on Friday may also mean
nervous and/or volatile markets this week. High VIX can cause sharp swings.
Only global/local cues and/or liquidity can take nifty further up.
2. Pre-open data suggests a +ve nifty
after a huge gap up open unless it remains below 6044 by afternoon.
3. AS PER 9.30 STRATEGY, BUY BELOW 6066NF,
TARGET 6132, SL 6036.
4. Targets of all the three +WWs and those
of BO of AT and horizontal channel of the first post met at the open itself.
5. Target of 9.30 strategy was met after 1
pm but without getting chance of an entry.
6. Nifty opened up with a huge gap and
went up further before reacting a bit. It started rising again after 11 am and
didn't look back. It crossed above the high of 23/7 and made a new high since
22/5 before closing strongly +ve and also far above yesterday's close. The
targets of all the three +WWs and those of BO of AT and horizontal channel were
met upon open itself. Also met was target of 9.30 strategy but without getting
chance of an entry.
The
intraday chart of nifty spot values with 5 min candles is shown below.
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