LEADER POST for
Friday (01/11/13)
1. Supports are closely spaced at about
6288, 6275, 6262, 6247, 6230 and 6140 while resistance is at about 6330.
Previous all time high level is at about 6357 while all time high daily close
is at about 6312. A +WW can give about 6345 (+WWs with higher targets are not
mentioned as of now). Five -WWs can give about 6241 (once below 6276), 6230
(once below 6274), 6207 (once below 6254), 6106 (once below 6257) and 6070
(once below 6257) (-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 below 6140. Two bullish flags can give higher targets unless killed
below 6269 and 6170.
Nifty rose again in spite of a gap down open and closed just above 6300 and
appears headed further North. At the same time, it may be tiring out and may
take a breather for consolidation. A weekly close below about 6180 may cause a
fall. 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.
2. Pre-open data suggests a -ve nifty
after a small gap down open unless it remains above 6289 by afternoon.
3. AS PER 9.30 STRATEGY, BUY BELOW 6301NF,
TARGET 6362, SL 6271.
4. Target met without getting chance of an
entry.
5. Nifty opened down with a small gap,
made a higher high and low than yesterday before closing +ve and also above
yesterday's close. The target of 9.30 strategy was met without getting chance
of an entry. However, total range was only about 46 points. Friday was a NR7
day. Nifty also gave the highest daily and weekly close since Nov'10.
The week’s chart suggests
that further rise is likely but nifty may be tiring out and may take a breather
for consolidation.
The intraday and week’s
charts of nifty spot values with 5 min candles are shown below.
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