LEADER POST for
Monday (30/09/13)
1. Supports are at about 5813 and 5590
while resistances are at about 5870 and 5990. 100 dma are at about 5813 while
50 wma is also at about 5820. The gap on lower side is at about 5680. Three
+WWs can give about 5932/55/5988 (once above 5854) (+WWs with higher targets
are not mentioned as of now). Three -WWs can give about 5810, 5788 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 again and closed below 5850 and below 200 dma for the first time
since 29/7. Daily candle is a bearish Marubuzo while weekly candle is like an
evening star. About 5800 is a break down level. 6130 is weekly resistance.
Nifty should close above 6094 to gain further momentum. Oil price and/or 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.
2. Pre-open data suggests an uncertain to
-ve nifty after a gap down open unless it remains above 5801 by afternoon.
3. AS PER 9.30 STRATEGY, SELL ABOVE 5840NF,
TARGET 5802, SL 5870.
4. Targets of first two -WWs met.
5. Target of 9.30 strategy also met.
6. Target of third -ww also met.
7. Nifty opened down with a gap and kept
sliding till the end. It made a lower high and low than those on Friday before
closing strongly -ve and strongly below Friday's close. Targets of all the
three -WWs of the first post were met. Target of 9.30 strategy was also met.
Daily candle is a bearish Marubuzo.
The intraday chart
of nifty spot values with 5 min candles is shown below.
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