NIFTY FUTURE – Review of 20th November
NIFTY FUT- yesterday we mentioned couple of things. One that
the high of yesterday will be the first critical level to watch out for. Today market
made an open high just above that zone Bang on exactly at our BEARS LAST STAND
POINT of the day (given at 5610-15). Its not magic just simple technical analysis. Failing to
sustain that level markets drifted downwards and once 5600 was broken it went
all the way down first to take out the TREND DECIDER of the day and then again
marking a low exactly above our BEARS LAST STAND point of the day. This is the
exact trade that our traders took i.e short below 5600 levels. Now the support part of the analysis. While we mentioned that the double bottom created is critical to watch out for , at the same time we mentioned that there is a support buffer zone around 5640-50 levels and we should had watched for this level to be taken out on a sustained basis. Markets marked a false breakdown of this level and managed to pull back smartly. We too went wrong here adding up some shorts to our profitable positions once 5560 was broken, but managed to close it out in time once that level was not breached.
Now we have another lower bottom created and our swing support levels are still getting respected for 3rd day in a row. Today was a tough day giving false moves? In that light how to trade tomorrow? Read our analysis for the next session.
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NIFTY FUT traders went
short below 5600 and booked good gains till above 5570 levels. They again added
some minor shorts below 5560 and closed the trade out once markets respected
that level. Trade with clear cut defined analysis. Make it a big day for your
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NIFTY
FUTURE – 21st November Trading Guide
NIFTY FUT – had a tough trading session today
marking a false high and low at both ends compared to yesterday which makes it
even more difficult to look out for clear cut directions in the coming
sessions. The signs are still not clear as to whether this is an intermediate
bottom created or we are going through some consolidation before another down
move. Also last few trading sessions are
indicative that we have slightly de coupled from the global markets. Technicals wise for downside levels we need to watch out if the 5530-50 buffer support zone is breached o the downside. On the upside BULLS will find it tough until 5630-40 zone is not cleared out on the upiside.
The first thing to watch out would be if NIFTY FUT manages to trade above 5615 levels. if it does chances of a move to 5630-40 zone will be pretty certain. On the downside a breach of the support zone is sure to test 5510 levels . the technical swing supports and downside targets for swing shorts are at 5488 levels.
Momentum wise both the swing indicators that is short term and long term continue to trade in the negative territory . short term indicators will continue to trade negative until NIFTY FUT holds below 5615. The Mid term indicators remain negative until NIFTY FUT clears 5655 levels.
As for trading today the levels are as follows:
POWERTRADE BEARS LAST STAND POINT OF THE DAY -----5610-15 sustaining above which it will target 5635, 5665
POWERTRADE TREND DECIDER OF THE DAY ------- 5560-65
POWERTRADE BULLS LAST STAND POINT OF THE DAY------- 5530-35
Breakdown and sustaining below POWERTRADE BULLS LAST STAND POINT OF THE DAY will open target for support of ---- 5510,5488
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