Daily_Nifty_VP's View-31/10/13

LEADER POST for Thursday (31/10/13)

1.         Supports are closely spaced at about 6234, 6210, 6192, 6160, 6135 and 6115 while resistances are closely spaced at about 6275, 6295, 6310 and 6330. Two +WWs can give about 6304 and 6335 (+WWs with higher targets are not mentioned as of now). Three -WWs can give about 6237 (once below 6271), 6213 (once below 6254) and 6194 (once below 6226) (-WWs with lower targets are not mentioned as of now). Break down of a few rising wedges/channels can give about 6030/5880/ 5825/5700 if nifty goes down again. A bullish flag can give higher levels unless killed below 6150.

Nifty rose again to close above 6250 at a new high since 10/11/10 and promises higher levels. However, daily candle is an evening star and nifty will have to close +ve, particularly with a gap up open to defeat its bearish implication. There is also a slight -ve div on daily chart. If nifty closes above 6285, it may head towards an all time high. If it closes below 6130, it may fall much more. 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 can cause sharp swings. Only global/local cues and/or liquidity can take nifty further up. FOMC data from US will have its effect on Friday. Trade carefully, this being an expiry day.

2.         Pre-open data suggests a +ve nifty after a small gap down open unless it remains below 6237 by afternoon.

3.         AS PER 9.30 STRATEGY, BUY BELOW 6250NF, TARGET 6284, SL 6220.

4.         Target of 9.30 strategy met.

5.         Target of first +ww met.

October month’s chart suggests that further rise is likely but nifty may be tiring out and may take a breather for consolidation.

The intraday and month’s charts of nifty spot values with 5 min candles are shown below.

 

Daily_Nifty_VP's View-30/10/13

LEADER POST for Wednesday (30/10/13)

1.         Supports are closely spaced at about 6190, 6165, 6150, 6135 and 6110 while resistances are closely spaced at about 6285, 6310 and 6322. Three +WWs can give about 6240, 6250 and 6265 (+WWs with higher targets are not mentioned as of now). Three -WWs can give about 6201, 6182 and 5972 (once below 6166 (-WWs with lower targets are not mentioned as of now). Break down of a few rising wedges/channels can give about 6030/5880/ 5825/5700 if nifty goes down again. A falling wedge can give 6250 if nifty continues to go up.

Nifty rose strongly to close above 6200 at a new high since 10/11/10 and promises higher levels. If nifty closes above 6285, it may head towards an all time high. If it closes below 6130, it may fall much more. 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 can cause sharp swings. Only global/local cues and/or liquidity can take nifty further up. Trade carefully, this being expiry week.

2.         Pre-open data suggests a +ve nifty after a small gap up open unless it remains below 6230 by afternoon.

3.         AS PER 9.30 STRATEGY SELL ABOVE 6228NF, TARGET 6198, SL 6258.

4.         If SL is hit, buy below 6261NF, target 6292, SL 6231.

5.         Target of first +ww met.

6.         Target of BO of falling wedge also met.

7.         SL hit.

8.         Target of second +ww also met.

9.         Target of third +ww also met.

10.       Nifty opened up with a small gap and remained flat till afternoon when it made a sharp upmove, only to be curtailed a bit near EOD. It made a higher high and low than yesterday before closing +ve and also above yesterday's close. The targets of all the three +WWs as well as that of BO of a falling wedge of the first post were met. However, SL of 9.30 strategy was triggered but target of reverse trade was not met. The daily candle is an evening star.

The intraday chart of nifty spot values with 5 min candles is shown below.

 

Daily_Nifty_VP's View-29/10/13

LEADER POST for Tuesday (29/10/13)

1.         Supports are at about 6072 and 6030 while resistances are closely spaced at about 6106/25/40, 6170 and 6285. Four +WWs can give about 6163/6183/6195/6203 (once above 6125) (+WWs with higher targets are not mentioned as of now). Four -WWs can give about 6084, 6071, 6022 and 5981 (-WWs with lower targets are not mentioned as of now). Break down of few rising wedges/channels can give about 6030/5880/ 5825/5700 if nifty remains below 6070. Two falling wedges can give 6145/6165/6220/6250 in case of a break out above 6125.

Nifty fell again and closed just above 6100 and is probably headed down further. However, a +ve div has appeared on lower tf. If nifty takes out 6280, it may head towards an all time high. If it closes below 6030, it may fall much more. 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 moderately high and can cause sharp swings. Only global/local cues and/or liquidity can take nifty further up. Trade carefully, this being expiry week.

2.         Pre-open data suggests a +ve nifty after a slight gap up open unless it remains below 6107 by afternoon.

3.         AS PER 9.30 STRATEGY, BUY BELOW 6090NF, TARGET 6145, SL 6060.

4.         Target of first -ww met.

5.         Target met.

6.         Target of first +ww met.

7.         Target of BO of first two falling wedges met.

8.         Target of second, third and fourth +WWs also met.

9.         Target of BO of third falling wedge met.

10.       Nifty opened up with a slight gap but fell a bit to make a lower low. However, it rose sharply after RBI policy to make a higher high before closing strongly +ve and also strongly above yesterday's close. In fact, it closed at a new high since 10/11/10. The targets of first -ww and all the four +WWs as well as those of BO of first three falling wedges of the first post were met. Also met was target of 9.30 strategy.

The intraday chart of nifty spot values with 5 min candles is shown below.

Daily_Nifty_VP's View-28/10/13

LEADER POST for Monday (28/10/13)

1.         Supports are at about 6125 and 6084 while resistances are at about 616 and 6278. Four +WWs can give about 6180/6187/6192 (once above 6130) and 6246 (+WWs with higher targets are not mentioned as of now). Two -WWs can give about 6032 and 5991 (-WWs with lower targets are not mentioned as of now). Break down of few rising wedges/channels can give about 6030/5880/ 5825/5700 if nifty remains below 6171. Two falling wedges can give 6220/6250 in case of a break out above 6161.

Nifty closed below 6200 again and is at a crucial stage. A -ve div is seen on daily and weekly charts. The daily candle is a doji showing uncertainty. However, a +ve div has appeared on lower tf. If nifty takes out 6280, it may head towards an all time high. If it closes below 6030, it may fall much more. 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 moderately high and can cause sharp swings. Only global/local cues and/or liquidity can take nifty further up. Trade carefully, this being expiry week.

2.         Pre-open data suggests a +ve nifty after a slight gap up open unless it remains below 6155 by afternoon.

3.         AS PER 9.30 STRATEGY, SELL ABOVE 6152NF, TARGET 6123, SL 6182.

4.         Target met.

5.         Nifty opened up with a small gap but reacted soon and kept going down till EOD. It made a lower high and low than those on Friday before closing -ve and also below Friday's close. The target of 9.30 strategy was met.

The intraday chart of nifty spot values with 5 min candles is shown below.

 

Daily_Nifty_VP's View-25/10/13

LEADER POST for Friday (25/10/13)

1.         Supports are at about 6144, 6110, 6075 and 6049 while resistances are at about 6178, 6215, 6269 and 6312. Two +WWs can give about 6232 (once above 6140) and 6295 (+WWs with higher targets are not mentioned as of now). Four -WWs can give about 6095 (once below 6150), 6066 (once below 6182), 6031 (once below 6221) and 5990 (once below 6162) (-WWs with lower targets are not mentioned as of now). Break down of few rising wedges/channels can give about 6030/5880/ 5825/5700 if nifty goes and remains below 6144.

Nifty reacted sharply after a new 3 year high to close below 6200 again and seems to be heading south. A -ve div is seen on daily and weekly charts. The daily candle is a (gravestone) doji and an inverted hammer, likely reversal signs. To defeat them, nifty must close +ve, preferably above 6205 and particularly with a gap up open. If nifty takes out 6280, it may head towards an all time high. If it closes below 6130 and then 6030, it may fall much more. 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 moderately high and 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 small gap down open unless it remains below 6154 by afternoon.

3.         AS PER 9.30 STRATEGY, SELL ABOVE 6137 NF, TARGET 6106, SL 6167.

4.         If SL is hit, buy below 6167NF, target 6198, SL 6137.

5.         SL hit.

6.         VIX is still high and we will see whipsaws.

7.         SL hit on reverse side also.

8.         SL hit again.

9.         Nifty opened down with a small gap and made lower high and low than yesterday. It closed marginally -ve and also below yesterday's close. Though the total range was <50 points, SL of 9.30 strategy was hit thrice on either side and neither side target was met. Daily candle is a doji.

The week’s chart suggests that further fall is likely.

The intraday and week’s charts of nifty spot values with 5 min candles are shown below.

 

Daily_Nifty_VP's View-24/10/13

LEADER POST for Thursday (24/10/13)

1.         Supports are at about 6126, 6075 and 6044 while resistances are at about 6235 and 6275. Four +WWs can give about 6209, 6235, 6255 and 6280 (+WWs with higher targets are not mentioned as of now). Two -WWs can give about 6098 (once below 6142) and 6002 (once below 6162) (-WWs with lower targets are not mentioned as of now). Break down of few rising wedges/channels can give about 6030/5880/ 5825/5700 if nifty goes and remains below 6172. A bullish flag can give 6200+ unless killed below 6140.

Nifty reacted to close below 6200 and seems to be tiring out. The daily candle is a hanging man, a likely reversal sign. To defeat it, nifty will have to close +ve, particularly with a gap up open. A slight -ve div is seen on daily chart. If nifty goes above the 52 week high of 6230 and then 6280, it may head towards an all time high. If it closes below 6130 and then 6030, it may fall much more. 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 moderately high and 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 small gap down open unless it remains above 6163 by afternoon.

3.         AS PER 9.30 STRATEGY, BUY BELOW 6166, TARGET 6227, SL 6136.

4.         Target met without getting a chance to enter.

5.         Target of first +ww met.

6.         Target of second +ww also met.

7.         Target of bullish flag of the first post met.

8.         Nifty opened down with a slight gap but immediately soared to make a new high since 11/11/10. However, it then reacted sharply to make a higher low than yesterday. Targets of first two +WWs and the bullish flag of the first post were met. Target of 9.30 strategy was also met but without getting chance of an entry. The daily candle is a (gravestone) doji as well as an inverted hammer.

The intraday chart of nifty spot values with 5 min candles is shown below.

 

Daily_Nifty_VP's View-23/10/13

LEADER POST for Wednesday (23/10/13)

1.         Supports are at about 6187, 6160, 6135, 6116 and 6075 while resistances are at about 6222,6270 and 6320. Five +WWs can give about 6215, 6230, 6250, 6275 and 6347 (+WWs with higher targets are not mentioned as of now). Four -WWs can give about 6167 (once below 6221), 6140/19 (once below 6210) and 6008 (once below 6162) (-WWs with lower targets are not mentioned as of now). Break down of few rising wedges/channels can give about 6030/5880/5825/5700 if nifty goes and remains below6140. BD of another rising wedge can give 6130 unless nifty continues to go up.

Nifty closed flat but above 6200 and seems to be tiring out. The daily candle is a doji, a likely reversal sign. Also, a slight -ve div is seen on daily chart. Tuesday was also a NR7 day on the back of a NR4 day implying a possible big move on either side on Wednesday. If nifty goes above the 52 week high of 6230 and then 6280, it may head towards an all time high. If it goes below 6130 and then 6030, it may fall much more. 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 moderately high and 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 slight gap up open unless it remains below 6209 by afternoon.

3.         AS PER 9.30 STRATEGY, SELL ABOVE 6220NF, TARGET 6184, SL 6250.

4.         Target met without getting chance of an entry.

5.         Target of first -ww met.

6.         Target of second -ww also met.

7.         Target of 6130 of BD of a rising wedge met.

8.         Target of third -ww also met.

9.         Nifty opened up with a slight gap and just fell. It made a lower high and low than those yesterday. It rose late in the day but closed -ve and also below yesterday's close. The targets of first +ww and the first three -WWs as well as that of BD of a rising wedge of the first post were met. The target of 9.30 strategy was also met but without giving chance of an entry. The daily candle is a hanging man.

The intraday chart of nifty spot values with 5 min candles is shown below.

 

Daily_Nifty_VP's View-22/10/13

LEADER POST for Tuesday (22/10/13)

1.         Supports are at about 6175, 6130, 6086 and 6034 while resistances are at about 6260 and 6320. Three +WWs can give about 6226, 6246 and 6270 (+WWs with higher targets are not mentioned as of now). Three -WWs can give about 6135/05 (once below 6189) and 6012 (once below 6160) (-WWs with lower targets are not mentioned as of now). Break down of two rising wedges can give about 6130/6030 unless nifty continues to go up. A bullish flag can give higher level unless killed below 6186.

Nifty closed flat but above 6200. The daily candle is a hanging man and an evening star, likely bearish signs. Monday was also a NR4 day implying a larger range for Tuesday. Nifty must close +ve, preferably after a gap up open to defeat it. If nifty goes above the 52 week high of 6230 and then 6280, it may head towards an all time high. If it goes below 6130 and then 6030, it may fall much more. 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 moderately high and 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 small gap down open unless it remains above 6193 by afternoon.

3.         AS PER 9.30 STRATEGY, BUY BELOW 6224NF, TARGET 6256, SL 6194.

4.         Nifty opened down with a gap but rose to make a higher high. It then fell but did not make a lower low. Finally it closed mildly +ve but slightly below yesterday's close. The total range was very narrow at about 39 points and hence none of the targets were met. Daily candle is a doji and Tuesday was a NR7 day.

The intraday chart of nifty spot values with 5 min candles is shown below.

 

Daily_Nifty_VP's View-21/10/13

LEADER POST for Monday (21/10/13)

1.         Supports are at about 6130 and 6070 while resistances are at about 6245 and 6295. Three +WWs can give about 6234, 6285 and 6345 (+WWs with higher targets are not mentioned as of now). Two -WWs can give about 6132 (once below 6169) and 6022 (once below 6160) (-WWs with lower targets are not mentioned as of now). Break down of a rising wedge can give about 6130 unless nifty continues to go up.

Nifty rose sharply in spite of a gap up opening and closed just below 6200. The -ve div noticed on daily and weekly charts has vanished and nifty seems destined to go up further. If nifty goes above the 52 week high of 6230 and then 6280, it may head towards an all time high. If it goes below 6070, it may fall further. 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 moderately high and 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 small gap up open unless it remains below 6202 by afternoon.

3.         AS PER 9.30 STRATEGY, SELL ABOVE 6205NF, TARGET 6173, SL 6235.

4.         If SL is hit, buy below 6234NF, target 6266, SL 6204.

5.         SL hit.

6.         SL hit on reverse side also. Back to short trade.

7.         SL triggered again.

8.         Nifty opened up with a gap and made a higher high. It then reacted to make a higher low than those on Friday before rising sharply in the last one hour to close flat but above Friday's close. The SL of 9.30 strategy was hit three times but target on neither side was met. Daily candle is a hanging man and also an evening star. Today was a NR4 day.

The intraday chart of nifty spot values with 5 min candles is shown below.

 

Daily_Nifty_VP's View-18/10/13

LEADER POST for Friday (18/10/13)

1.         Supports are at about 6027, 6000 and 5975 while resistances are at about 6145, 6170 and 6195. Five +WWs can give about 6079, 6105, 6127, 6145 and 6160 (+WWs with higher targets are not mentioned as of now). Three -WWs can give about 6016, 5983 and 5957 (-WWs with lower targets are not mentioned as of now). Break down of a rising wedge can give about 5920/5880 if nifty goes and remains below 6025.

Nifty fell and closed below 6050 and may fall a bit more. A slight -ve div has appeared on daily chart. Weekly chart is also on the verge of showing bearish sign unless nifty goes up again. However, +ve div has appeared on lower TFs. If nifty goes above the 52 week high of 6230, it may head towards an all time high. If it closes below 5980, it may fall further. 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 a +ve nifty after a small gap up open unless it remains below 6070 by afternoon.

3.         AS PER 9.30 STRATEGY, BUY BELOW 6094NF, TARGET 6136, SL 6064.

4.         Targets of first two +WWs met.

5.         Target of 9.30 strategy met without getting chance of an entry.

6.         Target of third +ww also met.

7.         Target of fourth +ww also met.

8.         Target of fifth and last +ww of the first post was also met.

9.         Nifty opened up with a gap and didn't look back. It kept rising to make a new high since 21/5 (sensex made a new 3 year high) and closed at a new high since 11/11/10. It also gave a highest weekly close since 5/11/10. Targets of all the five +WWs of the first post were met. Target of 9.30 strategy was also met but without getting chance of an entry. Daily candle is a strong, bullish Marubuzo.

The week’s chart shows further upside possible, albeit with some hiccups.

The intraday and week’s chart of nifty spot values with 5 min candles are shown below.

 

Daily_Nifty_VP's View-14/10/13

LEADER POST for Monday (14/10/13)

1.         Supports are at about 6075, 5990, 5960 and 5916 while resistances are at about 6140 and 6170. Previous high to watch is 6142. Three +WWs can give about 6155, 6239 and 6283 (+WWs with higher targets are not mentioned as of now). Two -WWs can give about 5978 (once below 6086) and 5948 (once below 6079) (-WWs with lower targets are not mentioned as of now). BO of a falling wedge can give about 6125 if nifty continues to go up. Break down of a rising wedge can give about 5920/5880 if nifty remains below 6025.

Nifty closed mildly -ve after a huge gap up open and closed just below 6100 and seems heading high. However, daily candle is a hanging man and also an evening star, a bearish sign. To defeat it, nifty must close above 6100, preferably with a green candle. But, fall may not be much since weekly candle is still strong. If nifty goes above 52 week high of 6230, it may head towards an all time high. If it goes below 5980, it may fall further. 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. US debt ceiling issue will hand over the global markets.

2.         Pre-open data suggests a +ve nifty after a flat open unless it remains below 6093 by afternoon.

3.         AS PER 9.30 STRATEGY, SELL ABOVE 6101NF, TARGET 6071, SL 6131.

4.         If SL is hit, buy below 6133NF, target 6163, SL 6103.

5.         SL hit.

6.         Target of BO of falling wedge of the first post was met.

7.         Nifty opened down slightly and remained in a tight range of about 41 points throughout the day. It made a higher high and low than those on Friday before closing +ve and also above Friday's close. More importantly, it closed above Friday's high. Target of BO of a falling wedge of the first post was met. SL of 9.30 strategy was hit but target of reverse trade was not met. Daily candle is like a star. Monday was a NR 7 day.

The intraday chart of nifty spot values with 5 min candles is shown below.

 

Daily_Nifty_VP's View-10/10/13

LEADER POST for Thursday (10/10/13)

1.         Supports are at about 5992, 5940, 5906 and 5844 while resistances are at about 6022 and 6105. Three +WWs can give about 6040, 6058 and 6127 (+WWs with higher targets are not mentioned as of now). Four -WWs can give about 5945 (once below 5984) and 5944/5882/5839 (once below 6037, which is yet to be reached) (-WWs with lower targets are not mentioned as of now). BO of a falling wedge can give about 6125 while BO of a falling channel can give 6030 if nifty if nifty continues to go up. Break down of a rising channel can give about 5880 if nifty remains below 6000. A bullish flag can give 6075 unless killed below 5740.

Nifty rose sharply in spite of a gap down open and closed above 6000 and is clearly bullish. If it goes below 5900, it may fall further. 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 a -ve nifty after a slight gap down open unless it remains above 6002 by afternoon.

3.         AS PER 9.30 STRATEGY, BUY BELOW 6039NF, TARGET 6083, SL 6009.

4.         SL hit, now sell above 6038NF, target 5993, SL 6068.

5.         SL of reverse trade also hit.

6.         Today was a NR 7 day.

7.         Target of BO of a falling channel of the first post was met.

8.         Nifty opened down with a slight gap, went down for about 2 hours and then reversed to make a higher high. Though it was volatile later, it still managed to close +ve and also above yesterday's close. The target of BO of a falling wedge of the first post was met. However, SL of 9.30 strategy was hit on either side but target of neither trade was met since range was narrow at about 54 points. Daily candle is like an evening star. Thursday was a NR 7 day.

The intraday chart of nifty spot values with 5 min candles is shown below.

 

Daily_Nifty_VP's View-11/10/13

LEADER POST for Friday (11/10/13)

1.         Supports are at about 6000, 5956 and 5925 while resistances are at about 6035, 6065 and 6105. Previous high to watch is 6142. Three +WWs can give about 6050, 6068 and 6139 (+WWs with higher targets are not mentioned as of now). Four -WWs can give about 5987/5948/5888 (once below 6035) and 5979 (once below 6061, which is yet to be reached) (-WWs with lower targets are not mentioned as of now). BO of a falling wedge can give about 6125 if nifty continues to go up. Break down of a rising wedge can give about 5920/5880 if nifty remains below 6045. A bullish flag can give 6075 unless killed below 5740.

Nifty closed mildly +ve after a gap down open and closed above 6000 again and is clearly bullish. Thursday was a NR7 day and we can expect large move on Friday. Daily candle is like an evening star, which is a bearish sign. To confirm, nifty must close well below 6020, preferably with a gap down open. If it goes below 5900, it may fall further. 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. Infy results on Friday will cause choppiness.

2.         Pre-open data suggests a +ve nifty after a gap up open unless it remains below 6104 by afternoon.

3.         Immediate trend down, target 6094NF, SL 6175. Wait for 9.30 data.

4.         Target reached.

5.         AS PER 9.30 STRATEGY, SELL ABOVE 6178NF, TARGET 6094, SL 6208.

6.         Targets of first two +WWs and the bullish flag of the first post met in open itself.

7.         Nifty opened up with a huge gap and quickly reacted but recovered later to close slightly -ve but strongly above yesterday's close. The targets of first two +WWs and the bullish flag of the first post were met in the open itself. Also, target of 9.30 strategy was met before 9.30 i.e. without giving chance of an entry. Daily candle is a hanging man and also an evening star.

The week’s chart suggests that chances of further upside remain in spite of some reaction.

The intraday and week's charts of nifty spot values with 5 min candles are shown below.

 

Daily_Nifty_VP's View-09/10/13

LEADER POST for Wednesday (09/10/13)

1.         Supports are at about 5895, 5866 and 5818 while resistances are at about 5940, 5970 and 6009. 200/100 dma are at about 5840/5803 while 50 wma is at about 5829. Four +WWs can give about 5970, 5996, 6011, 6024 and 6037 (+WWs with higher targets are not mentioned as of now). Three -WWs can give 5862/5790 (once below 5972) and 5903 (-WWs with lower targets are not mentioned as of now). BO of a falling wedge can give about 6125 while BO of a falling channel can give 6030 if nifty if nifty continues to go up. A bullish flag can give 6075 unless killed below 5740.

Nifty fell after a gap up open and closed above 5900. Nifty should close above 5906 on Wednesday to sustain the upmove. If it goes below 5820, it may fall sharply. 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 mildly +ve nifty after a gap down open unless it remains below 5893 by afternoon.

3.         AS PER 9.30 STRATEGY, SELL ABOVE 5902NF, TARGET 5873, SL 5932.

4.         SL hit, hence buy below 5927NF, target 5962, SL 5897.

5.         Target met.

6.         Target of first three +WWs met.

7.         Nifty opened gap down to make a lower low but then didn't look back and rose about 140 points above low without a hiccup to make a higher high and a new high since 20/9 before closing strongly +ve and also strongly above yesterday's close. The targets of first three +WWs of the first post were met. However, SL of 9.30 strategy was hit and target of reverse trade was met. The daily candle is bullish engulfing Marubuzo.

The intraday chart of nifty spot values with 5 min candles is shown below.

 

Daily_Nifty_VP's View-08/10/13

LEADER POST for Tuesday (08/10/13)

1.         Supports are at about 5885, 5850 and 5800 while resistances are at about 5927, 5965 and 6010. 200/100 dma are at about 5841/5804 while 50 wma is at about 5831. Five +WWs can give about 5950, 5989, 6011, 6024 and 6080 (+WWs with higher targets are not mentioned as of now). Two -WWs can give 5869/5806 (once below 5965, which is yet to be reached) (-WWs with lower targets are not mentioned as of now). BO of a falling wedge can give about 6125 while BO of a falling channel can give 6030 if nifty if nifty continues to go up.

Nifty rose after a gap down open and a lower low but just managed to close above 5900. The daily candle is a hammer. Nifty should remain above 5965to sustain the upmove. If it goes below 5820, it may fall sharply. 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 a +ve nifty after a big gap up open unless it remains below 5975 by afternoon.

3.         AS PER 9.30 STRATEGY, BUY BELOW 6014NF, TARGET 6045, SL 5984.

4.         If SL is hit, sell above 5987NF, target 5955, SL 6017.

5.         SL hit.

6.         SL of reverse trade also hit.

7.         Target of first +ww met.

8.         SL hit for the third time.

9.         Target of reverse trade was met without giving chance of an entry.

10.       Sell was triggered and target of reverse trade met again.

11.       Nifty opened up with a big gap, remained flat for an hour and then started falling. It thus made a higher high and low than those yesterday before closing -ve but above yesterday's close. Today's low was above yesterday's high though not for nifty fut. The target of first +ww of the first post was met. The SL of 9.30 strategy was hit thrice on either side and target of reverse trade was met twice, first without giving chance of an entry and then after entry was triggered.

The intraday chart of nifty spot values with 5 min candles is shown below.

 

Daily_Nifty_VP's View-07/10/13

LEADER POST for Monday (07/10/13)

1.         Supports are at about 5895, 5850 and 5780 while resistances are at about 5959 and 6040. 200/100 dma are at about 5840/5805 while 50 wma is at about 5824. Three +WWs can give about 5937 (once above 5876), 5979 and 5995 (+WWs with higher targets are not mentioned as of now). Four -WWs can give 5877, 5872 (once below 5897), 5863 and 5846 (once below 5880) (-WWs with lower targets are not mentioned as of now). BO of a falling wedge can give about 6125 while BO of a falling channel can give 6030 if nifty if nifty continues to go up. A bearish flag can give 5875 unless killed above 5917.

Nifty rose after a gap down open but could not close strongly and just managed to close above 5900. The daily candle is an inverted hammer but may not be of concern as it is strictly not at the top of an uptrend. Also, weekly candle is bullish piercing and the +ve div on weekly chart persists. Nifty should remain above 5893 to sustain the upmove. If it goes below 5820, it may fall sharply. 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 a +ve nifty after a small gap down open unless it remains below 5889 by afternoon.

3.         Immediate trend down, target 5893NF, SL 5975. Wait for 9.30 data.

4.         Target met before 9.30 itself.

5.         AS PER 9.30 STRATEGY, SELL ABOVE 5980NF, TARGET 5893, SL 6010.

6.         Targets of all four -WWs of the first post met.

7.         Target of bearish flag of the first post met.

8.         Nifty opened down with a small gap and fell sharply to make a lower low. But it rose sharply in the afternoon but could not make a higher high. Finally it closed mildly +ve but flat w.r.t. Friday's close. The targets of all the four -WWs and the bearish flag of the first post were met in the first 10 min. The target of 9.30 strategy trade was also met in the first 10 min i.e. without giving chance of an entry. The daily candle is a hammer.

The intraday chart of nifty spot values with 5 min candles is shown below.

 

Daily_Nifty_VP's View-04/10/13

LEADER POST for Friday (04/10/13)

1.         Supports are at about 5875, 5820 and 5754 while resistances are at about 5918, 5950 and 6060. 200/100 dma are at about 5841/5807 while 50 wma is at about 5819. Four +WWs can give about 5970, 5980, 5995 and 6043 (+WWs with higher targets are not mentioned as of now). Three -WWs can give 5786/5744 (once below 5932) and 5853 (once below 5880) (-WWs with lower targets are not mentioned as of now). BO of a falling wedge can give about 6125 while BO of a falling channel can give 6030 if nifty if nifty continues to go up.

Nifty rose sharply in spite of a gap up open confirming effect of Tuesday's hammer and closed above 5900. There is now a +ve div on weekly chart. Nifty should close above 5946 on Friday to sustain the upmove. If it goes below 5820, it may fall sharply. 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 a +ve nifty after a gap down open unless it remains below 5891 by afternoon.

3.         AS PER 9.30 STRATEGY, BUY BELOW 5935NF, TARGET 5989, SL 5905.

4.         Target met without getting chance of an entry.

5.         Buy was triggered.

6.         Target of 9.30 strategy met after giving a chance of an entry.

7.         Nifty opened down with a small gap but rose sharply to make a higher high. However, it fell immediately but did not make a lower low. It then rose again to make another higher high before falling again to close mildly +ve but below yesterday's close. The target of 9.30 strategy was met twice, first without giving chance of an entry and later after entry was available. Daily candle is an inverted hammer while weekly candle is bullish piercing. Also, Friday was a NR4 day.

The week’s chart suggests that bullishness will continue further.

The intraday and week’s  charts of nifty spot values with 5 min candles are shown below.

 

Daily_Nifty_VP's View-03/10/13

LEADER POST for Thursday (03/10/13)

1.         Supports are at about 5765, 5737 and 5700 while resistances are at about 5816, 5842, 5880 and 5905. The nearest gaps on higher/lower side are at about 5833/5680. Three +WW can give about 5900/5965 (once above 5803) and 5954 (once above 5772) (+WWs with higher targets are not mentioned as of now). Two -WWs can give 5756/5752 (-WWs with lower targets are not mentioned as of now). BO of two falling wedges can give about 5880/6125 if nifty remains above 5756 while BO of a falling channel can give 6030 if nifty remains above 5816.

Nifty recovered to close above 5750 but below 200/100 dma. It recovered from 50 dma. Daily candle is a hammer, a likely reversal sign. To confirm, nifty will have to close above 5781 and preferably above 5801. There is a +ve div on daily chart. 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 a +ve nifty after a gap up open unless it remains below 5819 by afternoon.

3.         Immediate trend up, target 5904NF, SL 5844. Wait for 9.30 data.

4.         AS PER 9.30 DATA, BUY BELOW 5874NF, TARGET 5904, SL 5844.

5.         Target of 9.30 strategy met.

6.         Target of first +ww met.

7.         Target of BO of first falling wedge of the first post also met.

8.         Nifty opened up with a gap, remained flat for a short while before making a sharp upmove. It made a higher high and low than those on Tuesday before closing strongly +ve and also strongly above Tuesday's close. The targets of first +ww and that of BO of first falling wedge of the first post were met. Also met was target of 9.30 strategy. The daily candle is a bullish Marubuzo.

The intraday chart of nifty spot values with 5 min candles is shown below.

 

Daily_Nifty_VP's View-01/10/13

LEADER POST for Tuesday (01/10/13)

1.         Supports are at about 5680 and 5615 while resistances are at about 5775, 5807, 5828 and 5880. The nearest gap on lower side is at about 5680. A +WW can give about 5895 (+WWs with higher targets are not mentioned as of now). (-WWs with lower targets are not mentioned as of now). BO of a falling wedge can give about 5880 if nifty remains above 5760.

Nifty fell sharply in spite of a gap down open and closed below 5750, below 200/100 dma and also below 50 wma. Daily candle is a bearish Marubuzo. Further fall is now very likely. The only hope is a +ve div on lower TFs. 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.         AS PER 9.30 STRATEGY, SELL ABOVE 5817NF, TARGET 5763, SL 5847.

3.         Target met without getting a chance for an entry.

4.         Nifty opened up with a small gap and went down quickly to make a lower low. However, it then rose but made a lower high and finally closed +ve and also above yesterday's close. The target of 9.30 strategy was met but without giving a chance of an entry. The daily candle is a hammer.

The intraday chart of nifty spot values with 5 min candles is shown below.