REVIEW OF 16th Oct 2012 AND UPDATE FOR 17th Oct 2012

NIFTY FUTURE – 16^th  OCT Recap

NIFTY FUT what a day it was first it had a gap up above our crucial zone of 51711 levels and managed to make a high around our first target. Failing to clear that NIFTY FUT traded around the 5700-15 levels for a while. NIFTY FUT didn’t show any significant momentum to clear the hurdle levels despite strong global cues and results numbers inline with expectations that could probably had been the only hint for day traders to comprehend what followed after. Markets once failed to sustain above 5700 levels nosedived to test our support levels of 5665-70 levels . We had clearly marked out in our yesterday’s post that NIFTY FUT will crash once that zone is broken. For our levels too this was clearly marked out as the BULLS LAST STAND POINT and look at the market reaction once that level was breached . NIFTY FUT exactly made a low near our swing support zones of 5640 levels.
Quick review of what we wrote for Tuesday’s trading guide: “On the downside a breach of 5660-70 levels this time will ensure that 5640 level is tested”. This is exactly happened.


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NIFTY FUTURE – 17^th   OCT Trading Guide

NIFTY FUT –  yesterday exactly made a low at our swing support levels of 5640 zone.  This zone had so far been respected and is a crucial support level. Any significant movement below it will turn the mid term momentum indicators into negative territory. We have to watch out for the coming session if NIFTY FUT again attempts and trade below this levels. Crucial support no emerges at the lows of yesterday and below that market will attempt 5610 levels and also the next swing support of 5580 can be tested in coming sessions. On the upside now 5665-70 will form the resistance level. In case NIFTY FUT manages to trade above it, this will again act as a support cushion for Long side players. Crucial resistance now remains at 5710-15 level. Expect NIFTY Fut to trade choppy in the intermediate zone of 5665-5700 levels. 
Short term Momentum indicators have again moved into negative with yesterday’s fall. This will remain so until NIFTY FUT trades below 5670. Above that will trade neutral and will be positive only above 5711 levels. Mid term momentum indicators will swing to positive if NIFTY FUT moves above 5765 now and will be negative if  NIFTY FUT trades below 5640 in coming sessions.

 Cues to Trade this Wednesday: Look for short trade if NIFTY FUT trades below previous close levels. Also at the same time in case NIFTY FUT trades above 5665 look for contrarian pull back trades. Short trades can also be taken at higher levels with stops above 5710 zone and reversal above them
POWERTRADE BEARS LAST STAND POINT OF THE DAY -----5710-15 sustaining above which it will target 5745,5765,5790,5810
POWERTRADE TREND DECIDER OF THE DAY ------- 5665-70
POWERTRADE BULLS LAST STAND POINT OF THE DAY------- 5635-40
Breakdown and sustaining below POWERTRADE BULLS LAST STAND POINT OF THE DAY will open target for support of ---- ,5610,5580,5555

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

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