Review of 18th jan and Update for 21st jan 2013

NIFTY FUTURE – Review of 18^th   Jan

NIFTY FUT – We discussed for Friday that despite the Strong recovery that we witnessed it is of paramout importance for markets to take out the trading levels of 6095 on the upside. During the trading hours in the morning markets formed as exact high just below that zone. Once it failed to clear that trading range on the upside. this formed the immediate hurdle. Our BEARS LAST STAND point was marked as 6095 ( High made was 6094.5).
Markets after that dipped to make a low just above the previous break down levels. The bullish overtones ensured that we didn’t see much of a correction yet so far.
January so far has been a tough trading month volatility wise as markets have just hovered around  a 120 odd point range for the entire month so far. In this range bound restricted move the levels have been helping to ensure what are the days we stay out of and what days do we get into the market.
Now that markets managed to sustain and hold on to 6060 levels , what are the immediate trading levels to watch out for? Will we see the support zones respected?  See our detailed analysis including swing analysis and the charts posted for a detailed review.



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NIFTY FUT traders got their first hit in quite a few trading sessions where we wanted to take a pull back trading from 5083 levels but eventually got stopped out at 6065. BanknNifty Fut traders also took  a hit today after. ..… Are you looking for complete guided trading without any hassle?.. Are you still worried about your trade entries? Are you missing on these turning points entries? How about looking at our points guaranteed services. …... Where to take the next trade? Did you catch the move in the right time?.... Are you still guessing where to trade? Subscribe to our premium calls and leave your trade entry and exit worries to us. 

NIFTY FUTURE – 21^st   Jan  Trading Guide

NIFTY FUT managed to hold on to 6060 levels. This is a strong sign that markets are displaying good resilience near this level  because this was the first higher based formation above the 6000 range in the near term.
Before we get into the daily trading levels let us review the swing levels and what better to do it with a chart. As a chart says more than words in a quick view.

NIFTY FUT- JAN 2013

< Charts posted in blog>
If we review the charts we will observe that we have completed the 5^th wave( waves depicted by red lines) of this swing and is now either playing for the corrective waves or a larger upmove based on a larger swing waves range.
Now combine this with the Fibonacci projections posted and we observe that we are now trading between the projection range of 6002-6120 range. This essentially indicates that a break of range will happen once NIFTY FUT manages to clear either side of the range. So essential swing resistance on top is 6120 and on bottom is about 5990-6000 range.
Short term traders should use this range to look for a pull back trade from either side and swing traders or contrarian traders can look for a low risk opportunity to trade pull backs or wait for the break of range  on either side.
So what are the upside/downside projections after this?  On the upside a swing target of 6270 emerges once we are able to clear 6120 convincingly and on the downside a break of 5990 support can lead to a test of 5840 levels in the coming sessions/months. We will update this space as more targets possibly emerge.

Now with intraday trading levels. NIFTY FUT on the upside faces immediate resistance again at 6095 and if it manages to clear it can go on to target the next hurdle at 6120-6135 range and above that can dart upto 6170 odd trading range. On the downside a breach of 6060 can first lead to a test of 6040 and then the intermiedaitee supply zones of 6025 range. 6000 still remains as the swing buffer a supply zones as per our analysis above.
As for trading today the levels are as follows:

POWERTRADE BEARS LAST STAND POINT OF THE DAY ----- 6095-6105   sustaining above which it will target 6135,6170
POWERTRADE TREND DECIDER OF THE DAY ------- 6055-60
POWERTRADE BULLS LAST STAND POINT OF THE DAY------- 6020-25
Breakdown and sustaining below POWERTRADE BULLS LAST STAND POINT OF THE DAY will open target for support of ---- 6005,5970,5940

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

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