LEADER POST for Wednesday (06/11/13)
1. Supports are closely spaced
at about 6230 and 6200 while resistances are at about 6276, 6299 and 6365.
Previous all time high level is at about 6357. Two +WWs can give about 6297
(once above 6263), 6320 (once above 6244) and 6355 (+WWs with higher targets
are not mentioned as of now). Three -WWs can give about 6223, 6190 and 6062
(once below 6298) (-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 6175. A bullish flag can give higher targets unless killed
below 6180.
Nifty fell but managed to close above 6250
and looks bearish in immediate term as it may be tiring out and may take a breather
for consolidation. A breach below 6230 may cause further 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. AS PER 9.30 STRATEGY, SELL ABOVE
6304NF, TARGET 6257, SL 6334.
3. Target met.
4. Target of first -ww was met.
5. Nifty opened up with a small gap but
quickly reacted to make a lower high and low than yesterday before closing -ve
and also below yesterday's close. Target of first -ww of the first post was
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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