BankNifty Futures: 18th was a copybook trading day and fortunately we were on the right side of the trade as well. check our pre trade analysis at (https://www.facebook.com/powertrade.trading/)
This can be primarily be attributed to conviction in the plan as much as right analysis for the plan. Why did we mention that 17140 is a key zone?( we know the market reaction once that was breached)
If you check the hourly candles there were multiple instances when that was respected and it was building up supply there. beyond that we saw a straight dash to 16900, to be honest the ease with each was broken was surprising.
Now whats next? The new Trend decider now is 16940-50 levels if you observe the charts. until we manage to hold or trade below it pull backs on intraday basis can be shorted. Downside targets can be near 16650 or lower. It will be key to observe whether the breach today was an aberation or a build up of new trend. Hence prudent would be to see how that level is treated. If markets moves and holds above it can give a good pull back trading opportunity to the contrarian players.
NIFTY Futures: Just yesterday we discussed that 7850 continues be the achillies for NIFTY and until convincingly taken out we are not going to see aconclusive breakout. On the downside we discussed a break of 7820 can provide a low risk trade and what a trade it was , a trade which yielded nearly 80-100 points with a 30-40 points risk. now that NIFTY has breached 7800, 7780-7800 range will be the trend decider. If markets sustain above it expect a reversal in trends.Below it markets will continue to trade in the direction that has emerged today. 7850 will be a tough swing hurdle going forward. A break above it will only signal a resumption for the bulls
This can be primarily be attributed to conviction in the plan as much as right analysis for the plan. Why did we mention that 17140 is a key zone?( we know the market reaction once that was breached)
If you check the hourly candles there were multiple instances when that was respected and it was building up supply there. beyond that we saw a straight dash to 16900, to be honest the ease with each was broken was surprising.
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| BankNifty Futures Price Chart Analysis |
Now whats next? The new Trend decider now is 16940-50 levels if you observe the charts. until we manage to hold or trade below it pull backs on intraday basis can be shorted. Downside targets can be near 16650 or lower. It will be key to observe whether the breach today was an aberation or a build up of new trend. Hence prudent would be to see how that level is treated. If markets moves and holds above it can give a good pull back trading opportunity to the contrarian players.
NIFTY Futures: Just yesterday we discussed that 7850 continues be the achillies for NIFTY and until convincingly taken out we are not going to see aconclusive breakout. On the downside we discussed a break of 7820 can provide a low risk trade and what a trade it was , a trade which yielded nearly 80-100 points with a 30-40 points risk. now that NIFTY has breached 7800, 7780-7800 range will be the trend decider. If markets sustain above it expect a reversal in trends.Below it markets will continue to trade in the direction that has emerged today. 7850 will be a tough swing hurdle going forward. A break above it will only signal a resumption for the bulls
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