Markets manage to hold 5935. Can it hold on to the crucial Swing levels?

NIFTY FUTURE- Review of 6^th  May

NIFTY FUT – started the day on a negative note with despite strong global cues.  At the same time NIFTY FUT managed to find support all over again just at 5935 odd trading levels.  We had mentioned that this level was  a swing support level even before that this level was tested . Readers will recall that we had mentioned that  if NIFTY FUT cracks 6000 few trading sessions back , it had a potential to dip all the way and test 5935 levels . We had also mentioned that 5935 was a swing support and supply. This had managed to hold for the last two sessions.
NIFTY FUT  managed to find support there and pulled back to the trend decider levels.
Yesterday we also discussed that within the range 5935-6000 NIFTY FUT will trade choppy and it will be prudent to try pull back trades within this range and only look for a break out trade outside this zone. This would had yielded good results.
We did exactly take a pull back trade in that zone of 5942 levels. As we wrote and managed a quick pull back trade. Beauty was we also at the same time got a good 70 odd points in a short trade in BANKNIFTY before this level was tested.

Now that NIFTY FUT had managed to hold onto 5935 trading levels for two sessions in a row. Does the picture change here on a swing basis? Read on for the trade analysis for the next session.
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NIFTY FUTURE – 7^th May  Trading Guide

NIFTY FUT – Managed to hold onto the crucial trading levels of 5935 for two consecutive sessions and this now makes that level even more important to watch out in the coming sessions. 

At the same time the trading level of 5935-6000 will still play choppy and until market hovers within this range it will prove low risk pull back opportunities. Since we had seen a strong unilateral pull back in the last month some range bound move and correction is also a healthy thing in the market. We need to plan and look for swing pull backs in retracement levels and short trades in extreme rise with reversals above break out zones.

Dear traders also need to realize that markets are not always favorable or easy to trade. Last month was terrific yelding great results but we also need to look back in months of jan and feb when markets where extremely range bound and just very difficult to trade.  This is just to emphasize that if you have a trading plan do stick to it for a decent sustained duration. If you have back tested the trading strategy then stick to it with even more confidence.

Coming back to the current trading levels. The strength of movement on breach of 5935 may not be severe as we still have a support levels o 5890-5900 trading levels. While at the same time on the upside if markets manage to hold above 6000 trading levels the momentum may be relatively stronger.

From an intraday point of view 5960-65 will be the trend decider. If markets sustain above this zone it will trade with a positive bias. But true break out will only happen if NIFTY FUT manages to break out above 6000 odd trading levels.

On the downside trading below 5960 levels NIFTY FUT will trade with a negative bias and break down below 5935 will ensure bears are in control and there are good chances that we will see a test of 5900 odd trading levels.

Trading levels for the day:                                                                                                   

POWERTRADE BEARS LAST STAND POINT OF THE DAY ----- 6000-6005 sustaining above which it will target 6030,6065
POWERTRADE TREND DECIDER OF THE DAY -------5960-65
POWERTRADE BULLS LAST STAND POINT OF THE DAY------- 5930-35
Breakdown and sustaining below POWERTRADE BULLS LAST STAND POINT OF THE DAY will open target for support of ---- 5905,5870