NIFTY broke through the 5900 levels? Where are markets headed. Take a detailed look at NIFTY levels

NIFTY broke through the 5900 levels? Where are markets headed. Take a detailed look at NIFTY levels

NIFTY FUTURE- Review of 13th Mar

NIFTY FUT –  broke through the 5890 support levels and closed on the lower side of the day near 5860 odd levels.
The first sign of that weakness was confirmed in the morning session when NIFTY FUT traded below our  BULLS LAST STAND point of the day at 5915 levels. Again the importance of those levels are firmly emphasized on an intra day. Once markets failed to clear that level trading weak was imminent.
Then we hit the swing support zones of 5890 levels which got sustained for a while and was eventually broken we did try that pull back trades at 5905 levels with stops and reversal below  5888 , which got stopped out eventually when that level broke.
On the downside we marked the targets of 5890 and 5860 after the break of our BULLS LAST STAND point at 5910.
Check the charts for the market low made – low made at 5858 bang on at our pre market levels
Hope traders were able to stick to the levels and enjoyed  a decent trade.
While we had marked that 5860 and 5830 are strong swing support zones but the pace of the fall now calls it to be  tested.
Is this the right time to take a contrarian pull back opportunity or we take a break down short? Read the strategy at our next post.

NIFTY FUTURE – 14^th  Mar  Trading Guide

NIFTY FUT closed at a crucial juncture of 5860 odd levels. This is a pivotal juncture for the markets and around 30 points here and there the market momentum and direction will be tested on a mid term basis.
It will be a good time to also see have a quick glance of how the options data is shaping up at these levels.
The options data suggest there is a significant build up of puts at 5700 and 5800 levels and at the same time the CE build up is more around                 5900 and 6000 levels
Based on that data 5900 may form as an immediate hurdle in recent times. At the same time we may see a support zones around 5830 based on price point analysis and 5800 based on option data points.

So for swing trade wise this zone of 5830-5900 for this series may prove to be the range bound zone and will be better off to try for pull back trades within this zone.

On at intraday basis 5860 will form as the immediate trend decider and trading above or below it will decide the next course of action for the day. On the upside if NIFTY FUT manages to hold above 5860 may show a pull back to 5890 zones.
On the downside a break of 5860 can lead to a test of levels of 5845-5830 zones and lower levels upto 5800 .

Swing indicator wise the short term momentum indicator are negative now and will hold so until NIFTY FUT trades below 5900.. The mid term momentum indicators are  will swing to negative below 5860 and positive above 5925 levels..

Trading levels for the day:

POWERTRADE BEARS LAST STAND POINT OF THE DAY ----- 5990-95 sustaining above which it will target 5990,6025,6040
POWERTRADE TREND DECIDER OF THE DAY ------- 5855-60
POWERTRADE BULLS LAST STAND POINT OF THE DAY------- 5825-30
Breakdown and sustaining below POWERTRADE BULLS LAST STAND POINT OF THE DAY will open target for support of ---- 5800, 5765