LEADER POST for
Tuesday (12/11/13)
1. Supports are at about 6065 and 6015
while resistances are at about 6096, 6129, 6190 and 6234. Previous lower level
to watch is 6032. Four +WWs can give about 6116/6147 (once above 6070), 6170
(once above 6120) and 6192 (once above 6089) (+WWs with higher targets are not
mentioned as of now). Three -WWs can give about 6052, 5956 and 5922 (-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 two falling wedge can give about 6280/6340 if nifty remains above
6106.
Nifty fell again and closed below 6100 and looks bearish. A close below
6030 may result in a bigger fall. However, a +ve div has appeared on lower TFs
and some recovery is likely. Oil price and/or INR can continue to play
spoilsport 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 slight gap up open unless it remains below 6087 by afternoon.
3. AS PER 9.30 STRATEGY, SELL ABOVE
6127NF, TARGET 6092, SL 6157.
4. Target met.
5. Target of first -ww met.
6. Target of BD of first rising
wedge/channel also met.
7. Nifty opened up with a slight gap but
started falling to make a lower high and low than yesterday before closing
strongly -ve and also strongly below yesterday's close. The targets of first
-ww and that of BD of first rising wedge of the first post were met. Also,
target of 9.30 strategy was met.
The intraday chart
of nifty spot values with 5 min candles is shown below.
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