Review of 26th Feb and Update for 27th Feb 2013

                                       

NIFTY FUTURE – Review of 26^th  Feb

NIFTY FUT –   for yesterday and past few sessions we had clearly marked out that the trading range formed is 5830 and 5890-6000 on the upside. Yesterday we asked traders to take positions in break of either of this trading range.

Today Morning when the first hourly candle closed below 5830 levels. And that was the sign for our readers and traders to go short . In our numerous previous posts we had written that below that range 5790 and 5760 are the targets to watch out for on a swing basis.
Look at the market reaction first when 5825 was breached ( BULLS LAST STAND POINT) . Markets drifted lower to find some intermediate support near mid day at 5790 levels. The momentum intensified once that level was broken, for NIFTY FUT to mark a low near 5760 levels.
This also proves how beautifully the intraday trading levels works. We hope traders took a decisive trade to get good gains.
Now that we have closed in a lower zones, lets also raise  toast for getting our analysis spot on from the highs of 6120.
What are the swing support levels and target levels to look out for? How can we prepare ourselves to take advantage of those levels. Lets review our trading analysis for the next session.

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NIFTY FUTURE – 27^th  Feb  Trading Guide

NIFTY FUT – made a decisive weak close near 5760 levels. Now we have done a near 350 points plus correction on the index from the highs.  Let us now take a step back and also see how we traded this move. This is important to plan our next move.
Just back in early Jan all the so called analysts were going gung ho about the markets predicting new highs, then we took a step back and reviewed saying that we have done a strong upmove and needed a pause . we also got it spot on getting the exact high of 6120 projected even before that level was tested.
This wasn’t the first time though; In December when the markets were correcting lot of analyst had said that the top is done. We asked traders to buy near the 5850 zones.
Markets then famously pulled back all the way to give near 250 points swing gains and much more profit potential in stock futures trading.
Now in the same view we have been writing that NIFTY FUT has swing supports at 5730 zones and these will be good investing opportunities. At the same time please don’t read it as a justification to hold on to long positions taken long back with the hope markets will retrace. All we are saying is the long term momentum indicators – These track daily and weekly charts are still not bearish and they may provide low risk investment and trading opportunities Let us see how markets unfold in coming sessions.

For daily trading levels. NIFTY FUT will face immediate hurdle in the 5790-95 zones and clearing that can again see NIFTY FUT pull back to test the 5820-25 zones.
On the downside a breach of the low created today that is near 5755-60 levels will see NIFTY FUT to drift down to test the 5730-35 support zones. If that level is broken we can see NIFTY FUT move to 5700 zones.
On the downside any close below 5700 levels in swing basis can see a test of the next swing levels of 5630-40 zones.
We would like to trade for max upto 5710 levels and pause to see how markets react and look for a low risk pull back opportunity or a break of 5700 to trade for lower levels on swing basis.

Trading levels for the day:

POWERTRADE BEARS LAST STAND POINT OF THE DAY ----- 5795-5800 sustaining above which it will target 5825,5855
POWERTRADE TREND DECIDER OF THE DAY ------- 5760-65
POWERTRADE BULLS LAST STAND POINT OF THE DAY------- 5730-35
Breakdown and sustaining below POWERTRADE BULLS LAST STAND POINT OF THE DAY will open target for support of ---- 5710,5670

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

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