LEADER POST for Thursday (24/10/13)
1. Supports are at about 6126,
6075 and 6044 while resistances are at about 6235 and 6275. Four +WWs can give
about 6209, 6235, 6255 and 6280 (+WWs with higher targets are not mentioned as
of now). Two -WWs can give about 6098 (once below 6142) and 6002 (once below
6162) (-WWs with lower targets are not mentioned as of now). Break down of few
rising wedges/channels can give about 6030/5880/ 5825/5700 if nifty goes and
remains below 6172. A bullish flag can give 6200+ unless killed below 6140.
Nifty reacted to close below 6200 and
seems to be tiring out. The daily candle is a hanging man, a likely reversal
sign. To defeat it, nifty will have to close +ve, particularly with a gap up
open. A slight -ve div is seen on daily chart. If nifty goes above the 52 week
high of 6230 and then 6280, it may head towards an all time high. If it closes
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 6163 by afternoon.
3. AS PER 9.30 STRATEGY, BUY BELOW 6166,
TARGET 6227, SL 6136.
4. Target met without getting a chance to
enter.
5. Target of first +ww met.
6. Target of second +ww also met.
7. Target of bullish flag of the first
post met.
8. Nifty opened down with a slight gap but
immediately soared to make a new high since 11/11/10. However, it then reacted
sharply to make a higher low than yesterday. Targets of first two +WWs and the
bullish flag of the first post were met. Target of 9.30 strategy was also met
but without getting chance of an entry. The daily candle is a (gravestone) doji
as well as an inverted hammer.
The intraday chart
of nifty spot values with 5 min candles is shown below.
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