REVIEW OF 29th Aug 2012 AND UPDATE FOR 30th Aug 2012

NIFTY FUTURE – 29^th     Aug  Recap

NIFTY FUT we mentioned  that “ immediate hurdle is at 5355”  this was also mentioned as the TREND OF THEDAY meaning that only clearing this level will favor the BULLS. Market made an open high just around this level and failed give a single candle close above it. Eventually pulled down to make multiple lows just above 5320, which was expected to offer some support Once NIFTY FUT failed to hold on to this level ( Also our BULLS LAST STAND POINT). This was a clear indication to initiate shorts and as projected NIFTY FUT quickly test the downside levels of 5300 and even closed below this level. We were expecting 5320 to sustain but once it cracked that level, it was a good sign to go short. Again we emphasize the importance of the LEVELS. Today since morning it traded below the TREND DECIDER indicating either we go short on rise, or on break down of lower support levels. Many a days once NIFTY FUT trades above certain levels one must use them to use as supports too for initiating pull back or bounce back trades.
Where do we expect support to emerge out now? What is the next break down levels? When to initiate a pull back trade? What are the trading cues for Thursday?

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NIFTY FUTURE – 30^th     Aug Trading Guide

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Before we start for what are the levels tomorrow, just want to emphasize again that 30^th Aug is expiry day and these days are best traded with lower risk levels.  NIFTY FUT breached the crucial support level of 5320 and even the 5300 levels to marginally close just below it . On the downside immediate support now comes at 5280 levels and a breach of that can test 5245-55 support zones. These are serious support zones and breaching these levels would pose a serious question on the overall bull run. While we cautioned that the BULL run will be challenged if NIFTY FUT doesn’t take out 5478, and warned of a mid term correction we have also been maintaining  that the long term trend remains BULLISH. When to question this fact? Lets look at the longer trend, Crucial retracements and supports emerge out at 5245-55. This has to be watched out. On the upside 5320-25 will now act as immediate resistance. Clearing that market will test 5355 on the upside. Until NIFTY FUT trades below 5320, Long players will find it tough.

Cues for Trading on Thursday: Pull Back longs above 5325 if NIFTY FUT manages to move above that zone. Similarly if it trades below that level in the morning session, it can be used as a stop for short trades. On the downside short can be taken if NIFTY FUT move below 5280 levels. Also on downside High risk contrarian players can look for pull back longs with stops below 5245.

POWERTRADE BEARS LAST STAND POINT OF THE DAY -----5350-55 sustaining above which it will target 5478,5490,5406,5425
POWERTRADE TREND DECIDER OF THE DAY ------- 5320-25
POWERTRADE BULLS LAST STAND POINT OF THE DAY-------5280-85
Breakdown and sustaining below POWERTRADE BULLS L0AST STAND POINT OF THE DAY will open target for support of ---- 5265,5250,5232

Detailed analysis also posted at www.powertrades.blogspot.com

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