NIFTY FUTURE – Review of 22nd November
NIFTY FUT- Coming straight to the point , yesterday
we mentioned that if NIFTY FUT manages to surface above 5635 levels there is a
good chance it will tend to attempt our swing decider levels of 5665. Markets
exactly moved in that direction but despite signs of Bullishness failed to take
that level out. We had clearly written that true Bullishness will only emerge
above that zone. This is exactly what happened where markets despite trading
positive for most part of the session lacked conviction to take out the swing
levels mentioned. Again, dear friends the way we deduce our swing /intraday
trading levels is not something magical but a combination of simple technical
analysis and some understanding of the markets. These levels are not a magic
potion to win in the market but a
definitive trading direction to help one judge on which side should one be
taking a trade.Again let us review how beautifully the trading levels performed. Markets opened strong but once it looked like it will not clear the hghs , it dipped to exactly make a low above our TRENDE DECIDER of the day, once that was not breached and that level got respected markets smartly pulled back to top out below our BEARS LAST Stand point of the day.
NIFTY FUT nearly attempted to take out our swing resistance levels? So what is likely to happen tomorrow? Read our analysis for the next session.
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NIFTY FUT traders went long near 5640 range and managed to book
profits in time at 5655 levels. Banknfity fut traders also had another terrific
trade capturing 50 odd points in quick time. Trade with clear cut defined
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NIFTY
FUTURE – 23rd November
Trading Guide
NIFTY FUT – barely managed to test our swing
resistance zone of 5665 but managed to seriously challenge it. This remains the
room for direction still a little dicey, but at the same time we would raise
the probability for doing so based on the price volume movement we have seen
and at the same time the momentum indicators are looking to change their trend
. NIFTY FUT immediate resistance comes
around 5665 levels and clearing that will give a high probability to test 5690 levels
on the upside. On the downside immediate support comes at 5630 levels now and
below that at 5610 levels. so ideally avoid trading this range between 5640-60
and look for a break of movement on either direction. On the upside and swing basis in case markets clear 5665 levels the next major swing resistance zone comes at 5710-20 levels and on the downside now levels of 5590-5600 should provide as a immediate buffer and supply zone for traders.
Momentum wise now the short term swing indicators are now trading positive. The midterm momentum indicator will move to neutral to positive territory only above 5665 zone.
As for trading today the levels are as follows:
POWERTRADE BEARS LAST STAND POINT OF THE DAY -----5660-65 sustaining above which it will target 5690, 5710
POWERTRADE TREND DECIDER OF THE DAY ------- 5630-35
POWERTRADE BULLS LAST STAND POINT OF THE DAY------- 5600-10
Breakdown and sustaining below POWERTRADE BULLS LAST STAND POINT OF THE DAY will open target for support of ---- 5580,5560
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of the finest blending of absolute money management skills along with time
tested analytical skills refined with conviction. So if you need expert hand
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