LEADER POST for
Friday (20/09/13)
1. Supports are closely spaced at about
6104, 6062, 6031, 5976 and 5938 while resistances are at about 6173 and 6213. A
gap on lower side is at 5899. Three +WWs can give about 6216, 6326 and 6481
(+WWs with higher targets are not mentioned as of now). A -WW can give about
5800 (once below 6000) (-WWs with lower targets are not mentioned as of now).
Two rising channels' BD can give about 6040/5560 if nifty goes down and remains
below 6092/5912.
Nifty rose sharply in spite of a huge gap up open and closed above 6100. A
break below 5976 could be 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.
Friday's RBI policy review may also mean a volatile market. VIX is still high
and can cause sharp swings. Only global/local cues and/or liquidity can take
nifty further up.
2. Pre-open data suggests a flat to mildly
-ve nifty after a slight gap down open unless it remains above 6105 by
afternoon.
3. AS PER 9.30 STRATEGY, SELL ABOVE
6120NF, TARGET 6084, SL 6150.
4. If SL is hit, buy below 6139NF, target
6176, SL 6109.
5. SL hit.
6. SL of reverse trade also hit.
7. Target of original trade met without
getting chance of an entry.
8. Target of BD of a rising channel of the
first post met.
9. Nifty opened down with a slight gap and
rose a bit but could not make a higher high. But later, after the RBI policy,
it tanked making a lower low before closing strongly +ve and also strongly
below yesterday's close. On a weekly basis, however, it closed strongly +ve.
The target of BD of a rising channel of the first post was met. However, SL of
9.30 strategy was hit and then SL of reverse trade was also hit before giving
target of original trade but without giving chance of an entry. The weekly
candle is like a doji.
The week’s chart
suggests that further rise is possible unless 5850 is broken.
The
intraday and week’s charts of nifty spot values with 5 min candles are shown
below.
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