Markets in Downtrend- Where is it headed?

NIFTY FUTURE-  Market Review 4th April

NIFTY FUT-   We had mentioned that the Trend will be downwards on an intraday basis if NIFTY FUT trades below 5660 levels. This proved as an immediate trading opportunity when markets opened gap down and just traded below that level. Opening high made at 5858. Look at the importance of our level, once that high was not crossed it immediately confirmed the continuation of the downtrend.

Once that level was breached which was also our TREND DECIDER it went on to test the trading levels of BULLS LAST STAND point at 5635 and once that was broken, It meant may hem. Yesterday we discussed that whether the markets will be third time lucky? We mentioned that once the levels of 5600 odd are tested, traders should wait for a clear of 5630 at least to confirm a come back.Again look back at the charts , after 5600 levels were tested the pull backs failed to clear 5630, high made was 5628. This ensured shorts are on cards either on break down or pull backs. We did both with an average short price of 5650 levels and reaping in massive gains make up more than the lost points for yesterday.

NIFTY FUT closed below the crucial trading levels of 5600 marking the first close below the 5600 levels . Where is markets headed next? Read our analysis for the next session

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 NIFTY FUTURE – 5^TH April  Trading Guide

NIFTY FUT closed below the crucial trading levels of 5600 and more importantly broke through the 5630 trading support levels.Well this now confirms the short term down trend in market as well. Two sessions back we marked that 5760 is the crucial hurdle zone and if NIFTY FUT fails to clear that the downtrend will continue to sustain. Markets now have corrected near 160 points from those levels.

Now the previous support of 5630-35 will act as a crucial hurdle and only a sustained close above it will confirm that markets have indeed  created a bottom. On the flip side all pull backs to that levels should be shorted and swing wise NIFTY FUT is now poised to test the downside levels of 5460 in case the market  trades and holds below 5600 in the coming sessions.

Immediate downside targets below 5590 emerges at 5560 zones and trading below that can attempt the levels of 5500 as well.

On the upside only if NFTY FUT manages to clear the 5630 trading levels will we see a pull back to 5660 zones and higher.
Trading strategy: Look to short below 5590 levels or in pull backs to 5630 odd trading levels and a long above that zone.

Trading levels for the day:

POWERTRADE BEARS LAST STAND POINT OF THE DAY ----- 5630-35   sustaining above which it will target 5660,5690
POWERTRADE TREND DECIDER OF THE DAY ------- 55595-6500
POWERTRADE BULLS LAST STAND POINT OF THE DAY------- 5560-65
Breakdown and sustaining below POWERTRADE BULLS LAST STAND POINT OF THE DAY will open target for support of ---- 5530,5505