LEADER POST for
Thursday (26/09/13)
1. Supports are at about 5835 and 5810
while resistances are at about 5932, 5990 and 6010. 200/100 dma are at about
5841/5817 while 50 wma is also at about 5820. Three +WWs can give about 5926,
5944 and 5985 (+WWs with higher targets are not mentioned as of now). Three
-WWs can give about 5856, 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 5840.
Nifty fell after a gap up open and closed below 5900 again. However, the
only hope is that it broke below 200/100 dma and 50 wma and recovered to close
above them. Daily candle is like a hammer, a likely reversal sign. Also, weekly
and monthly charts are still healthy. A break below 5800 could mean much lower
levels. 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. Thursday
being the expiry day, trade carefully.
2. Pre-open data suggests an uncertain
nifty after a flat open as it is a doji, which is expected, today being an
expiry day.
3. AS PER 9.30 STRATEGY, SELL ABOVE
5887NF, TARGET 5850, SL 5917.
4. If SL is hit, buy below 5900NF, target
5938, SL 5870.
5. SL of 9.30 strategy hit.
6. Nifty opened flat and fell a bit but
made a higher low. It later rose to make a higher high. However, it fell again
to close marginally +ve and also marginally above yesterday's close. The SL of
9.30 strategy was hit but target of reverse trade was not met since total range
was only about 54. Daily candle is an inverted hammer. Thursday was also a NR7
day.
The
intraday chart of nifty spot values with 5 min candles is shown below.
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