Daily_Nifty_VP's View-19/11/13

LEADER POST for Tuesday (19/11/13)

1.         Supports are at about 6165, 6105 and 6090 while resistances are at about 6235, 6290 and 6334. Four +WWs can give about 6241, 6288, 6304 and 6374 (+WWs with higher targets are not mentioned as of now). A -WWs can give about 6131 (once below 6162) (-WWs with lower targets are not mentioned as of now). Break down of a few rising wedges/channels can give about 5880/ 5825/5700. BD of rising wedge/channel can give 6040/5975 if nifty goes and remains below 6125. BO of two falling wedges can give about 6280/6340 if nifty remains above 6150.

Nifty rose sharply in spite of a gap up open and closed just below 6200 giving more hopes to bulls. Daily candle is a big, bullish Marubuzo. A close below 6120 can cause further fall. Oil price and/or INR can 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.         Based on pre-open range seen on TV, we may see a +ve nifty after a small gap up open unless it remains below 6197 by afternoon.

3.         BASED ON NSE DATA, AS PER 9.30 STRATEGY, SELL ABOVE 6222NF, TARGET 6170, SL 6252.

4.         Nifty opened up with a small gap, made a higher high and low before closing marginally +ve and also above yesterday's close. The total range being only about 32, none of the targets were met. Daily candle is a doji and is like an evening star. Today was also a NR7 day.

The intraday chart of nifty spot values with 5 min candles is shown below.