Firstly
our apologies for having not posted in a while. i have been a little tight with some research work in setting up a robust system trading set up and enhancements .
Firstly
let us do a quick review of the fantastic expiry trade we posted. I think one sentence can sum it up all : we
wrote - “So to take a low risk entry one should look at sharp pull back trades
in rise with stops above 5700 levels”
and also advised to trade for a close above 5600 levels. On expiry day
markets marked a high at 5702 and fell nearly 40 odd points from there giving
in some good low risk gains.
Coming
back to recent moves. Markets marked a high near 5900 and have done a near U turn
in the past two sessions correcting near 200 plus points from the highs. Markets
are interesting poised at the close today at near 5780 levels. The charts below
will convey a lot of levels and how it is important.
 |
| NIFTY FUT DAILY CHARTS-3RD JULY 2013 |
On a
swing basis strong resistance is now established at 5900-5930 levels and any
pulls backs will be shorted with stops around that zone. On the downside crucial swing support is just
around the low created today at 5750-55 levels and a breach of that can lead to
a slide upto 5670 levels and lower.
On an
immediate basis hurdle remains at 5800-5820 levels and a pull back to that
level is a short opportunity. A clear of that can see a short term trend
reversal favoring the bulls. The levels of 5750-55 can be the near term support
to and a crack of that should invite fresh shorts. If through the early sessions
markets manage to hold these levels then we can see some scalping intraday opportunity.
Trading levels for the day:
POWERTRADE BEARS LAST STAND POINT OF THE DAY ----- 5815-20 sustaining above which it will target 5840,5865
POWERTRADE TREND DECIDER OF THE DAY ------- 5750-55
POWERTRADE BULLS LAST STAND POINT OF THE DAY------- 5720-25
Breakdown and sustaining below POWERTRADE BULLS LAST STAND POINT OF THE DAY will open target for support of ---- 5695,5665
POWERTRADE BEARS LAST STAND POINT OF THE DAY ----- 5815-20 sustaining above which it will target 5840,5865
POWERTRADE TREND DECIDER OF THE DAY ------- 5750-55
POWERTRADE BULLS LAST STAND POINT OF THE DAY------- 5720-25
Breakdown and sustaining below POWERTRADE BULLS LAST STAND POINT OF THE DAY will open target for support of ---- 5695,5665
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