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.
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