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.
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