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.
No comments:
Post a Comment