REVIEW OF 4th Oct 2012 AND UPDATE FOR 5th Oct 2012

NIFTY FUTURE – 4^th  OCT Recap

NIFTY FUT- The clearest way to sum up the market today with respect to our analysis is what we wrote yesterday “Upside near term resistance now comes at 5790 levels and above that first major swing target comes at 5830 levels.”   These levels were market out well in advance even the entire day played out. Look at market reaction once the level of 5790 was taken out during the opening session and at the same time look at where exactly the markets paused to take a breather in the upside. Intraday high initially marked at just above this at 5831 levels.
Also today is a good day to see why for intra day traders it is important to look out for trading levels and strictly trade with them. Lets review our trading levels today. We had marked out that the BEARS LAST STAND point of the day is 5790 levels. This clearly meant that if NIFTY FUT holds above that zone bears will have little chance for the rest of the day. This is exactly how the markets spanned out today.
On a swing basis while we sounded a caution bugle yesterday we also clearly wrote that until the swing lows are respected as per levels , we will continue to hold our Longs.
Yesterday we mentioned in our Blog that we are holding SBIN, TCS and MARUTI longs in futures. Got ballistic returns in SBIN and MARUTI. TCS was expectantly a little dull
NIFTY FUT today met the first swing target of 5830 levels? What are the next levels to look out for? Where are the swing supports now? How to take intraday trades tomorrow? Read our post for the next session
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NIFTY FUTURE – 5^th   OCT Trading Guide

NIFTY FUT – today met our first swing target of 5830 and despite trying to clear it closed just there. This in a way is a good sign as despite doing one of the swing targets we didn’t see any significant intraday corrections or profit booking, typical after such big moves. But this is not to suggest that traders hold their longs blindly or get into options positions trying to make quick returns in this euphoria. We have to clearly watch out for a close or a confirmed move above this level to ensure that the upmove is still on.
On the upside if this level is cleared immediate intraday hurdle comes at 5860 levels and swing wise now resistance levels are 5900 and 6003. On the downside immediate intraday support now emerges at 5790 levels and below that the previous breakout zone of 5765 levels should act as a support now. While we have booked profits in some of our swing positions and are now holding light. Its better to initiate new swing for a confirmed move above 5860 or in dips to 5760 levels.
Momentum indicators are all positive and immediate short term momentum indicator will continue to hold so until NIFTY FUT holds above 5790 levels.
Cues to Trade this Friday:  Look to go long if NIFTY FUT trades above 5735 with tight stops. Also if NIFTY FUT trades below this level for the initial half of the day it might be good to take quick contrarian shorts. On the downside look to take long trades in dips to 5790 with stops below 5760 levels.
 POWERTRADE BEARS LAST STAND POINT OF THE DAY -----5860-65   sustaining above which it will target 5895,5940,5970
POWERTRADE TREND DECIDER OF THE DAY ------- 5730-35
POWERTRADE BULLS LAST STAND POINT OF THE DAY------- 5785-90
Breakdown and sustaining below POWERTRADE BULLS LAST STAND POINT OF THE DAY will open target for support of ---- 5765,5740,5710

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

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