LEADER POST for Tuesday (29/10/13)
1. Supports are at about 6072
and 6030 while resistances are closely spaced at about 6106/25/40, 6170 and
6285. Four +WWs can give about 6163/6183/6195/6203 (once above 6125) (+WWs with
higher targets are not mentioned as of now). Four -WWs can give about 6084,
6071, 6022 and 5981 (-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 remains below 6070. Two falling wedges can give 6145/6165/6220/6250 in
case of a break out above 6125.
Nifty fell again and closed just above
6100 and is probably headed down further. However, a +ve div has appeared on
lower tf. If nifty takes out 6280, it may head towards an all time high. If it
closes below 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. Trade
carefully, this being expiry week.
2. Pre-open data suggests a +ve nifty
after a slight gap up open unless it remains below 6107 by afternoon.
3. AS PER 9.30 STRATEGY, BUY BELOW 6090NF,
TARGET 6145, SL 6060.
4. Target of first -ww met.
5. Target met.
6. Target of first +ww met.
7. Target of BO of first two falling
wedges met.
8. Target of second, third and fourth +WWs
also met.
9. Target of BO of third falling wedge met.
10. Nifty opened up with a slight gap but
fell a bit to make a lower low. However, it rose sharply after RBI policy to
make a higher high before closing strongly +ve and also strongly above
yesterday's close. In fact, it closed at a new high since 10/11/10. The targets
of first -ww and all the four +WWs as well as those of BO of first three
falling wedges of the first post were met. Also met was target of 9.30 strategy.
The intraday chart
of nifty spot values with 5 min candles is shown below.
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