Daily_Nifty_VP's View-24/10/13

LEADER POST for Thursday (24/10/13)

1.         Supports are at about 6126, 6075 and 6044 while resistances are at about 6235 and 6275. Four +WWs can give about 6209, 6235, 6255 and 6280 (+WWs with higher targets are not mentioned as of now). Two -WWs can give about 6098 (once below 6142) and 6002 (once below 6162) (-WWs with lower targets are not mentioned as of now). Break down of few rising wedges/channels can give about 6030/5880/ 5825/5700 if nifty goes and remains below 6172. A bullish flag can give 6200+ unless killed below 6140.

Nifty reacted to close below 6200 and seems to be tiring out. The daily candle is a hanging man, a likely reversal sign. To defeat it, nifty will have to close +ve, particularly with a gap up open. A slight -ve div is seen on daily chart. If nifty goes above the 52 week high of 6230 and then 6280, it may head towards an all time high. If it closes below 6130 and then 6030, it may fall much more. 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 is still moderately high and 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 6163 by afternoon.

3.         AS PER 9.30 STRATEGY, BUY BELOW 6166, TARGET 6227, SL 6136.

4.         Target met without getting a chance to enter.

5.         Target of first +ww met.

6.         Target of second +ww also met.

7.         Target of bullish flag of the first post met.

8.         Nifty opened down with a slight gap but immediately soared to make a new high since 11/11/10. However, it then reacted sharply to make a higher low than yesterday. Targets of first two +WWs and the bullish flag of the first post were met. Target of 9.30 strategy was also met but without getting chance of an entry. The daily candle is a (gravestone) doji as well as an inverted hammer.

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

 

Daily_Nifty_VP's View-23/10/13

LEADER POST for Wednesday (23/10/13)

1.         Supports are at about 6187, 6160, 6135, 6116 and 6075 while resistances are at about 6222,6270 and 6320. Five +WWs can give about 6215, 6230, 6250, 6275 and 6347 (+WWs with higher targets are not mentioned as of now). Four -WWs can give about 6167 (once below 6221), 6140/19 (once below 6210) and 6008 (once below 6162) (-WWs with lower targets are not mentioned as of now). Break down of few rising wedges/channels can give about 6030/5880/5825/5700 if nifty goes and remains below6140. BD of another rising wedge can give 6130 unless nifty continues to go up.

Nifty closed flat but above 6200 and seems to be tiring out. The daily candle is a doji, a likely reversal sign. Also, a slight -ve div is seen on daily chart. Tuesday was also a NR7 day on the back of a NR4 day implying a possible big move on either side on Wednesday. If nifty goes above the 52 week high of 6230 and then 6280, it may head towards an all time high. If it goes below 6130 and then 6030, it may fall much more. 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 is still moderately high and 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 6209 by afternoon.

3.         AS PER 9.30 STRATEGY, SELL ABOVE 6220NF, TARGET 6184, SL 6250.

4.         Target met without getting chance of an entry.

5.         Target of first -ww met.

6.         Target of second -ww also met.

7.         Target of 6130 of BD of a rising wedge met.

8.         Target of third -ww also met.

9.         Nifty opened up with a slight gap and just fell. It made a lower high and low than those yesterday. It rose late in the day but closed -ve and also below yesterday's close. The targets of first +ww and the first three -WWs as well as that of BD of a rising wedge of the first post were met. The target of 9.30 strategy was also met but without giving chance of an entry. The daily candle is a hanging man.

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

 

Daily_Nifty_VP's View-22/10/13

LEADER POST for Tuesday (22/10/13)

1.         Supports are at about 6175, 6130, 6086 and 6034 while resistances are at about 6260 and 6320. Three +WWs can give about 6226, 6246 and 6270 (+WWs with higher targets are not mentioned as of now). Three -WWs can give about 6135/05 (once below 6189) and 6012 (once below 6160) (-WWs with lower targets are not mentioned as of now). Break down of two rising wedges can give about 6130/6030 unless nifty continues to go up. A bullish flag can give higher level unless killed below 6186.

Nifty closed flat but above 6200. The daily candle is a hanging man and an evening star, likely bearish signs. Monday was also a NR4 day implying a larger range for Tuesday. Nifty must close +ve, preferably after a gap up open to defeat it. If nifty goes above the 52 week high of 6230 and then 6280, it may head towards an all time high. If it goes below 6130 and then 6030, it may fall much more. 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 is still moderately high and 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 6193 by afternoon.

3.         AS PER 9.30 STRATEGY, BUY BELOW 6224NF, TARGET 6256, SL 6194.

4.         Nifty opened down with a gap but rose to make a higher high. It then fell but did not make a lower low. Finally it closed mildly +ve but slightly below yesterday's close. The total range was very narrow at about 39 points and hence none of the targets were met. Daily candle is a doji and Tuesday was a NR7 day.

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

 

Daily_Nifty_VP's View-21/10/13

LEADER POST for Monday (21/10/13)

1.         Supports are at about 6130 and 6070 while resistances are at about 6245 and 6295. Three +WWs can give about 6234, 6285 and 6345 (+WWs with higher targets are not mentioned as of now). Two -WWs can give about 6132 (once below 6169) and 6022 (once below 6160) (-WWs with lower targets are not mentioned as of now). Break down of a rising wedge can give about 6130 unless nifty continues to go up.

Nifty rose sharply in spite of a gap up opening and closed just below 6200. The -ve div noticed on daily and weekly charts has vanished and nifty seems destined to go up further. If nifty goes above the 52 week high of 6230 and then 6280, it may head towards an all time high. If it goes below 6070, it may fall further. 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 is still moderately high and 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 up open unless it remains below 6202 by afternoon.

3.         AS PER 9.30 STRATEGY, SELL ABOVE 6205NF, TARGET 6173, SL 6235.

4.         If SL is hit, buy below 6234NF, target 6266, SL 6204.

5.         SL hit.

6.         SL hit on reverse side also. Back to short trade.

7.         SL triggered again.

8.         Nifty opened up with a gap and made a higher high. It then reacted to make a higher low than those on Friday before rising sharply in the last one hour to close flat but above Friday's close. The SL of 9.30 strategy was hit three times but target on neither side was met. Daily candle is a hanging man and also an evening star. Today was a NR4 day.

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

 

Daily_Nifty_VP's View-18/10/13

LEADER POST for Friday (18/10/13)

1.         Supports are at about 6027, 6000 and 5975 while resistances are at about 6145, 6170 and 6195. Five +WWs can give about 6079, 6105, 6127, 6145 and 6160 (+WWs with higher targets are not mentioned as of now). Three -WWs can give about 6016, 5983 and 5957 (-WWs with lower targets are not mentioned as of now). Break down of a rising wedge can give about 5920/5880 if nifty goes and remains below 6025.

Nifty fell and closed below 6050 and may fall a bit more. A slight -ve div has appeared on daily chart. Weekly chart is also on the verge of showing bearish sign unless nifty goes up again. However, +ve div has appeared on lower TFs. If nifty goes above the 52 week high of 6230, it may head towards an all time high. If it closes below 5980, it may fall further. 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 is still high and 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 up open unless it remains below 6070 by afternoon.

3.         AS PER 9.30 STRATEGY, BUY BELOW 6094NF, TARGET 6136, SL 6064.

4.         Targets of first two +WWs met.

5.         Target of 9.30 strategy met without getting chance of an entry.

6.         Target of third +ww also met.

7.         Target of fourth +ww also met.

8.         Target of fifth and last +ww of the first post was also met.

9.         Nifty opened up with a gap and didn't look back. It kept rising to make a new high since 21/5 (sensex made a new 3 year high) and closed at a new high since 11/11/10. It also gave a highest weekly close since 5/11/10. Targets of all the five +WWs of the first post were met. Target of 9.30 strategy was also met but without getting chance of an entry. Daily candle is a strong, bullish Marubuzo.

The week’s chart shows further upside possible, albeit with some hiccups.

The intraday and week’s chart of nifty spot values with 5 min candles are shown below.

 

Daily_Nifty_VP's View-14/10/13

LEADER POST for Monday (14/10/13)

1.         Supports are at about 6075, 5990, 5960 and 5916 while resistances are at about 6140 and 6170. Previous high to watch is 6142. Three +WWs can give about 6155, 6239 and 6283 (+WWs with higher targets are not mentioned as of now). Two -WWs can give about 5978 (once below 6086) and 5948 (once below 6079) (-WWs with lower targets are not mentioned as of now). BO of a falling wedge can give about 6125 if nifty continues to go up. Break down of a rising wedge can give about 5920/5880 if nifty remains below 6025.

Nifty closed mildly -ve after a huge gap up open and closed just below 6100 and seems heading high. However, daily candle is a hanging man and also an evening star, a bearish sign. To defeat it, nifty must close above 6100, preferably with a green candle. But, fall may not be much since weekly candle is still strong. If nifty goes above 52 week high of 6230, it may head towards an all time high. If it goes below 5980, it may fall further. 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 is still high and can cause sharp swings. Only global/local cues and/or liquidity can take nifty further up. US debt ceiling issue will hand over the global markets.

2.         Pre-open data suggests a +ve nifty after a flat open unless it remains below 6093 by afternoon.

3.         AS PER 9.30 STRATEGY, SELL ABOVE 6101NF, TARGET 6071, SL 6131.

4.         If SL is hit, buy below 6133NF, target 6163, SL 6103.

5.         SL hit.

6.         Target of BO of falling wedge of the first post was met.

7.         Nifty opened down slightly and remained in a tight range of about 41 points throughout the day. It made a higher high and low than those on Friday before closing +ve and also above Friday's close. More importantly, it closed above Friday's high. Target of BO of a falling wedge of the first post was met. SL of 9.30 strategy was hit but target of reverse trade was not met. Daily candle is like a star. Monday was a NR 7 day.

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

 

Daily_Nifty_VP's View-10/10/13

LEADER POST for Thursday (10/10/13)

1.         Supports are at about 5992, 5940, 5906 and 5844 while resistances are at about 6022 and 6105. Three +WWs can give about 6040, 6058 and 6127 (+WWs with higher targets are not mentioned as of now). Four -WWs can give about 5945 (once below 5984) and 5944/5882/5839 (once below 6037, which is yet to be reached) (-WWs with lower targets are not mentioned as of now). BO of a falling wedge can give about 6125 while BO of a falling channel can give 6030 if nifty if nifty continues to go up. Break down of a rising channel can give about 5880 if nifty remains below 6000. A bullish flag can give 6075 unless killed below 5740.

Nifty rose sharply in spite of a gap down open and closed above 6000 and is clearly bullish. If it goes below 5900, it may fall further. 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 is still high and 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 down open unless it remains above 6002 by afternoon.

3.         AS PER 9.30 STRATEGY, BUY BELOW 6039NF, TARGET 6083, SL 6009.

4.         SL hit, now sell above 6038NF, target 5993, SL 6068.

5.         SL of reverse trade also hit.

6.         Today was a NR 7 day.

7.         Target of BO of a falling channel of the first post was met.

8.         Nifty opened down with a slight gap, went down for about 2 hours and then reversed to make a higher high. Though it was volatile later, it still managed to close +ve and also above yesterday's close. The target of BO of a falling wedge of the first post was met. However, SL of 9.30 strategy was hit on either side but target of neither trade was met since range was narrow at about 54 points. Daily candle is like an evening star. Thursday was a NR 7 day.

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