NIFTY FUT hits crucial retracements of 6090. How to trade it from here?

NIFTY FUTURE-24^th   May Trading Guide

Hope you folks managed to have a look at the long term chart analysis for the bank nifty future that we posted based on the classical cup and handle pattern.

Coming back to NIFTY FUT readers will recall that we had mentioned that 6090 trading levels are a strong swing supply zones and they are the downside targets below 6140 and lower. Today markets marked a low there at the 6080-90 zones and managed to sustain that zone and pull back and close above 6100 trading levels.

Keeping that in view 6125 levels will form as the immediate trend decider and trading above that markets will start displaying a positive bias.  On the downside 6090-6100 will be the supply and support zone and a break of that can see  NIFTY FUT drift to 6050-6060 trading levels.

On the upside true bullish nature will be back on clear of 6150-55 trading levels and that at the same time will form as a crucial swing hurdle.

So whats the trading strategy we can adapt at this stage. Look for pull back longs with stops below 6090 and reversal below that and look for pull back shorts at 6140 trading levels with stops above 6155 and reversal above that.

Trading levels for the day:

POWERTRADE BEARS LAST STAND POINT OF THE DAY ----- 6150-55   sustaining above which it will target 6190,6225
POWERTRADE TREND DECIDER OF THE DAY ------- 6120-25
POWERTRADE BULLS LAST STAND POINT OF THE DAY------- 6085-90
Breakdown and sustaining below POWERTRADE BULLS LAST STAND POINT OF THE DAY will open target for support of ---- 6060,6030