LEADER POST for Wednesday (25/09/13)
1. Supports are at about 5860
and 5825 while resistances are at about 5913, 5936 and 5990. 200/100 dma are at
about 5841/5820 while 50 wma is also at about 5820. Five +WWs can give about
5904, 5941, 5954, 5965 and 5973 (+WWs with higher targets are not mentioned as
of now). Two -WWs can give about 5806 and 5730 (-WWs with lower targets are not
mentioned as of now). BO of two falling wedges can give about 6030/6130 if
nifty remains above 5895.
Nifty rose after a gap down open but
closed below 5900. Daily candle is like an inverted hammer. Also, weekly and
monthly charts are still healthy. Tuesday was a NR4 day and we can expect a big
move on Wednesday. A break below 5850 could be bad but below 5800 could be
worse. 6223 is a weekly resistance. Nifty should close above 6094 to gain
further momentum. Oil price and INR can play spoilsport any time and will
remain key to the future of Indian markets in short to medium term. VIX is
still high and can cause sharp swings. Only global/local cues and/or liquidity
can take nifty further up. This being the expiry week, trade carefully.
2. AS PER 9.30 STRATEGY, SELL ABOVE
5907NF, TARGET 5876, SL 5937.
3. Target of first +ww met.
4. Target of 9.30 strategy met.
5. Nifty opened up with a small gap and
started falling, making a lower low. It then rose but could not make a higher
high, finally closing -ve and also slightly below yesterday's close. Target of
first +ww of the first post was met while that of first -ww was narrowly
missed. Target of 9.30 strategy was also met. Daily candle is hammer.
The
intraday chart of nifty spot values with 5 min candles is shown below.
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