NIFTY FUT- today had a typical new based movement day the only thing different was there was a hidden opportunity to be capitalized once it failed to break through the levels. Readers will clearly recall that we mentioned few sessions back while discussing our swing levels that there is a supply zone near 5820-30 range ( Read our blog for “REVIEW OF 14th December and update for 17th December) This is exactly what happened where markets bounced back from that region and once it cleared above the hurdle of 5865 that acted as a support zone to create contrarian longs.
Again also note if you didn’t take a trade and stayed neutral , that is equally fine since today we saw some un necessary volatility and still NIFTY FUT closing within the same range that it has been holding on to for a while now.
But just the one silver lining is that during the closing hours it did manage to surface and close above the 5920 hurdle and this should give some faints signs of breaking out of this trading range.
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What are the key levels to watch out for in the next sessions this week? Read our detailed analysis for the next session.
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NIFTY FUT traders went
long above 5882 and booked their final profits near 5920 levels just as
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NIFTY
FUTURE – 19th December Trading Guide
NIFTY FUT as we mentioned just managed to close
above the hurdle zone of 5920 and showed some faint signs of breaking outside
the range. But Why only a faint sign, because despite looking to take out 5960
our next hurdle it failed to challenge that level. This will act as the next
resistance for traders to watch out for in the next session. Above that we
again have a hurdle in our swing resistance mentioned, plus the multi week high
at 5990-6000 range. Only a range break out above 5865-6000 will be the swing
break out to watch for and within this range we had asked traders to look for contrarian
entries This perfectly worked fine today if we discount the spike low created. On the downside now 5900-10 will act as a immediate support zone and below that support will emerge at 5890. Exepct NIFTY FUT to trade with a positive bias until it manages to hold above this range and vice versa below it.
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The short term are back to positive again as indicated above 5920 zones and will continue to hold so until NIFTY FUT holds above 5890 range. MIDTERM momentum indicators are now negative and will do so until NIFTY FUT holds below 5960 levels.
As for trading today the levels are as follows:
POWERTRADE BEARS LAST STAND POINT OF THE DAY -----5955- 60 sustaining above which it will target 5990,6025,6048
POWERTRADE TREND DECIDER OF THE DAY ------- 5890-95
POWERTRADE BULLS LAST STAND POINT OF THE DAY------- 5860-65
Breakdown and sustaining below POWERTRADE BULLS LAST STAND POINT OF THE DAY will open target for support of ---- 5830,5810,5775
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