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.
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