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.
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