LEADER POST for Friday (08/11/13)
1. Supports are closely spaced
at about 6170, 6145, 6120 and 6100 while resistances are at about 6250 and
6283. Three +WWs can give about 6297 (once above 6200) and 6307/26 (once above
6234) (+WWs with higher targets are not mentioned as of now). Four -WWs can
give about 6172, 6165, 6102 and 6058 (-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 remains below 6170. BO of a falling wedge can
give 6340 if nifty remains above 6170.
Nifty fell again and closed below 6200 and
looks bearish in immediate term. Daily candles are like three black crows, a
bearish sign. A close below 6170 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. Pre-open data suggests a +ve nifty
after a small gap down open unless it remains below 6170 by afternoon.
3. AS PER 9.30 STRATEGY, SELL ABOVE
6208NF, TARGET 6171, SL 6238.
4. Targets of first two -WWs met.
5. Target of 9.30 strategy met.
6. Nifty opened down with a small gap and
made a futile attempt to go up only to slide to a lower low. It tried to
recover late in the day only to fall again. Finally it closed -ve and also
below yesterday's close. Targets of first two-WWs of the first post were met as
also the target of 9.30 strategy. The weekly candle is like an inside bar.
The
week’s chart shows distinct weakness but a reversal cannot be ruled out.
The intraday and week’s
charts of nifty spot values with 5 min candles are shown below.
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