LEADER POST for
Wednesday (30/10/13)
1. Supports are closely spaced at about
6190, 6165, 6150, 6135 and 6110 while resistances are closely spaced at about
6285, 6310 and 6322. Three +WWs can give about 6240, 6250 and 6265 (+WWs with
higher targets are not mentioned as of now). Three -WWs can give about 6201,
6182 and 5972 (once below 6166 (-WWs with lower targets are not mentioned as of
now). Break down of a few rising wedges/channels can give about 6030/5880/
5825/5700 if nifty goes down again. A falling wedge can give 6250 if nifty
continues to go up.
Nifty rose strongly to close above 6200 at a new high since 10/11/10 and
promises higher levels. If nifty closes above 6285, it may head towards an all
time high. If it closes below 6130, 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 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 small gap up open unless it remains below 6230 by afternoon.
3. AS PER 9.30 STRATEGY SELL ABOVE 6228NF,
TARGET 6198, SL 6258.
4. If SL is hit, buy below 6261NF, target
6292, SL 6231.
5. Target of first +ww met.
6. Target of BO of falling wedge also met.
7. SL hit.
8. Target of second +ww also met.
9. Target of third +ww also met.
10. Nifty opened up with a small gap and
remained flat till afternoon when it made a sharp upmove, only to be curtailed
a bit near EOD. It made a higher high and low than yesterday before closing +ve
and also above yesterday's close. The targets of all the
three +WWs as well as that of BO of a falling wedge of the first post were met.
However, SL of 9.30 strategy was triggered but target of reverse trade was not
met. The daily candle is an evening star.
The intraday chart
of nifty spot values with 5 min candles is shown below.
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