REVIEW OF 16th Aug 2012 AND UPDATE FOR 17th Aug 2012

NIFTY FUTURE – 16^th  Aug  Recap

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NIFTY FUT we mentioned that immediate resistance now comes at 5416 and that level is critical to be cleared for upmove to be continued. NIFTY FUT made a open high just below it at 5410 and drifted down wards to make an exact low near our TREND DECIDER level at 5380 and barely managed to hold there. We had clearly mentioned that this is the key support level to watch out  and market may mange to hold here,. We had also written that within this range market will be lackluster  and market just stayed within a narrow range not doing much for most part of the day. In the coming sessions it will be critical to watch out if NIFTY FUT manages to hold onto the lows created today.What trade to take tomorrow? Read on?

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NIFTY FUTURE – 17^th   Aug Trading Guide

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NIFTY FUT , the lows created in the previous session will be critical to be watched out for. In case NIFTY FUT breaks this support expert it to test 5355 and beyond that crucial support for positional longs comes at 5320. As we mentioned yesterday the same view continues as positional longs may be created in dips to lower levels with stops at 5320 levels. On the upside resistance still remains at 5416 and trading above which NIFTY FUT will break out to test higher levels. Immediate short term trend remains neutral within this trading range and mid term is still positive as long as 5320 holds. As for trading within this range expect markets to remain range bound and directionless.
Cues for Trading on Friday:  GO long in sharp dips near 5350 or look for long breakouts above 5416. Also if during the session markets fail to take out 5416 on the upside or trades below 5380 contrarian risky shorts may be initiated with tight stops and reversal above.

POWERTRADE BEARS LAST STAND POINT OF THE DAY -----5415-20   sustaining above which it will target 5430,5455,5478
POWERTRADE TREND DECIDER OF THE DAY ------- 5375-80
POWERTRADE BULLS LAST STAND POINT OF THE DAY-------5350-55
Breakdown and sustaining below POWERTRADE BULLS L0AST STAND POINT OF THE DAY will open target for support of ---- 5325,5300,5190

Detailed analysis also posted at www.powertrades.blogspot.com

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