Markets knocking at 6100. Where are the supports ? Trading strategy here?

NIFTY FUTURE- Review of 8^th  May

NIFTY FUT – We will highlight a few quotes from what we discussed yesterday and then take on the next part of the section. We wrote that:

“On the downside 6030 levels will form as the key support and any dips to that will be bought into in an intraday basis. Intraday mood may become real negative if markets again move below that trading level…..On the upside if NIFTY Fut manages to trade above 6060 zone it will try for upside targets of 6090…..”

These two lines almost described the entire spectrum of the market move. Markets in the morning made a high of 6065 trading levels. This was marked as the BEARS LAST point, we saw that markets failed to sustain around that level and made a dip towards the lower support zones of 6030 odd trading range, this provided an excellent pull back trade opportunity for our traders.

From there on markets pulled back to make a closing high just at our trading level. Yes the high was made at 6089.90… 0.1 less than exact 6090 zones. We did take that pull back trade at 6036 levels and locked in gains till 6070 odd on an intraday basis.

Its also time to visit back what we have been writing for swing trading. Even before 5935 was tested we had mentioned it as a swing trade support. While all analysts were on the short side predicting markets to crash to much lower levels.

Now markets have pulled back 150 plus points from that swing support zones. Where is it headed from here? What are the swing support levels to watch out for?

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NIFTY FUTURE – 9^th May  Trading Guide

NIFTY FUT –closed the day strong exactly at 6090 trading levels.  This will now form as the immediate hurdle and any sustenance above it for  a while may indicate that markets will go onto to test the crucial levels of 6125 trading levels.

For swing trades we are in good gains and it would be prudent to lock in gains here and wait for the market reaction to emerge beyond 6125. If 6125 is crossed on a sustained basis  we have next swing upsides of 6190 odd trading levels a good potential.

In case markets fail to clear 6125, risky intra day traders may look to take quick short trades with low risks and reversal on sustenance above that.

On the downside now 6060 levels will form as the immediate trend decider and any dips to that level will be a good pull back buy opportunity. Below 6060 levels crucial support comes in at yesterday’s trend decider now at 6030 zones.

Only a break of this zone can see some selling pressure now to test the levels of 5890 and lower.

Trading levels for the day:                                                                                                   

POWERTRADE BEARS LAST STAND POINT OF THE DAY ----- 6090-95  sustaining above which it will target 6125,6160,6195
POWERTRADE TREND DECIDER OF THE DAY -------6055-60
POWERTRADE BULLS LAST STAND POINT OF THE DAY------- 6030-35
Breakdown and sustaining below POWERTRADE BULLS LAST STAND POINT OF THE DAY will open target for support of ---- 6005,5870