REVIEW OF 5th Nov 2012 and Update for 6th Nov 2012

NIFTY FUTURE – 5^th Nov Review

NIFTY FUT –   opened gap up above the trading range but if we discount the initial gap up movement it traded near the break our range of 5730-40 zone and eventually failed to clear it after a dip to test our another trading level of 5711 range. NIFTY FUT is trading back in the same range as previous month now and our readers will probably have all these trading levels at the back of their mind now. 5711 was identified as a break out level  in the last series too and we have used this as an intraday level many times for trading levels as well. On the upside 5730-40 continues to remain as a hurdle too.
If we look at spot chart it gives a better hint for the mood for the day, spot charts nearly gave a doji close clearly showing markets are indecisive to move in either direction.

So what is the bias of the market? What are the trading range to look out for? Read our analysis for the next session.


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NIFTY FUTURE – 6^th November Trading Guide

NIFTY FUT – In the recent run has given both a false breakout and a breakdown beyond the trading range and eventually have managed to pull back and continue trading within the range.  NIFTY FUT yesterday marked traded within the range of 5740-5710 or most part of the day and this will be crucial to watch out for in coming sessions. Expect  NIFTY FUT to trade positive above this range and negative below it. While the mood of the market remains
Directionless the bias , dare we say it is positive and will continue to be so until NIFTY FUT holds above 5680 levels.
Above 5740 NIFTY FUT will again attempt 5765 odd levels and that will be a key test of whether it can breakout of this trading range as well. On the downside if NIFTY FUT moves below 5700 watch out for a test of break of 5775-80 odd levels.  Expect market to continue to trade choppy in this trading range.  Ideally play with patience and wait for the market to emerge out of this range and initiate a trend based trade.

Similarly short term momentum indicators remain positive until NIFTY FUT holds above 5700 levels  and mid term momentum indicators will only emerge positive if NIFTY FUT crosses 5740 levels on a sustained basis

As for trading today the levels are as follows:
POWERTRADE BEARS LAST STAND POINT OF THE DAY -----5735-40  sustaining above which it will target 5765,5800
POWERTRADE TREND DECIDER OF THE DAY ------- 5700-10
POWERTRADE BULLS LAST STAND POINT OF THE DAY------- 5675-80
Breakdown and sustaining below POWERTRADE BULLS LAST STAND POINT OF THE DAY will open target for support of ---- ,5650,5635,5600

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

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