NIFTY FUT cracks 5855. Fulfils Downside swing targets. Trading strategy here

NIFTY FUTURE- Review of 11^th June

NIFTY FUT – Yesterday we had mentioned that 5890 was the key trading level to watch out for and that’s the level below which we have been asking to initiate short trades.

For two previous sessions this level was breached but managed to hold on with a closing basis. But the beauty of price point analysis was this level intact as trading level  and hence trades had to be taken.

Look at what we wrote:

POWERTRADE BULLS LAST STAND POINT OF THE DAY------- 5885-90

Once markets opened and traded below this level it was evident shorts would be the flavor of the day.  Since we saw NIFTY testing 5860 which was the swing level identified. Shorts were taken below that level and the result was precise trading and terrific swing moves getting done in a single trading session.

Apart from the profit the key take away from the trading has been despite two failed breakdowns it called for the trade to be taken for the sheer discipline of trading.

NIFTY had one of the most massive falls in the recent memory, cracking by near 200 points from the previous session and at the same time closing below the crucial 5800 trading levels.

Another important thing to note that we have been encouraging traders is to diversify their trading across multiple underlyings. This not only de risks the capital but also lets you at times hold positions on both ends. Like we capitalized on HCLTECH in longs since past few sessions and at the same time with shorts in ICICIBANK. This as a trader at times helps spread your risk.

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NIFTY FUTURE- 12^th Jun Trading Guide

NIFTY FUT straight way drifted sharply once 5855 was breached to test the trading levels of 5800 and even closed below it. The fact that it closed on the lowest point of the day signifies that the BEARS are not done yet and may have some steam to go.

Where are we headed from here, where is support likely  to emerge.  On the downside next key support is at 5765 trading levels. This is somewhere we should see a pause and profit booking. If that level is breached we can see a further round of downside to test lower levels. This can lead to a test of the 5690 odd trading levels on the downside.

On the upside it is important for NIFTY FUT to move above and trade above the 5805 levels to show some resilience. But at this point all rise to 5835-40 levels should be shorted . That is the immediate level to be watched out for and would be good point to initiate long trades above that.

Trading levels for the day:

POWERTRADE BEARS LAST STAND POINT OF THE DAY ----- 5835-40  sustaining above which it will target 5865,5890
POWERTRADE TREND DECIDER OF THE DAY ------- 5800-05
POWERTRADE BULLS LAST STAND POINT OF THE DAY------- 5760-65
Breakdown and sustaining below POWERTRADE BULLS LAST STAND POINT OF THE DAY will open target for support of ---- 5730,5690