REVIEW OF THE OCTOBER SERIES AND WHAT TO EXPECT IN NOVEMBER

NIFTY FUTURE – October Series Recap

NIFTY FUT – provided one of the most range bound months that we had in a  very long time where the markets traded within a 70-80 points range for almost 3 weeks in  row. Such times are generally a testing times for traders, specially intraday players. Long before this kind of range bound movement spanned out we had written that crucial levels to watch out at upside was 5740 levels and 5640 on the downside. And markets pretty much traded within this range. It is imperative that more time the markets spend in a range chances of a decisive move on either side are very high.
Thanks to news based movement today ( RBI policy move). RBI remains cautious of a rate cut in fears to add fuel to inflation fears. Its been a a very difficult stance to balance both inflation and growth on different sides of scales.
Nevertheless markets today corrected and first broke the immediate support zone of 5680 levels and then went on to test and break the levels of 5640 too. This was a critical zone and break of this will put NIFTY in a mid term downtrend now. Previously we had a false break down of this level once too, we will have to look forward and see whether this sustains or not.
So below 5640 what are the support zones to emerge out? What are the downside targets for short players?
Read our post for the next session.

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NIFTY FUTURE – What to Expect in November

NIFTY FUT –  closed below the crucial technical levels of 5640 and hence is technically now in a mid term down trend until it manages to trade below that zone. This was a level that was sustained for a long time and a break of that  now should see some more downside? Today we will mention about the potential swing downside targets and support levels and also the swing upside resistance zones.
Firstly is the upmove all done?  We believe no. it’s a mid term and short term downswing now but at the same time the long term upmove is intact for a rally that started from 500 zones. Hence there is that little chance of anther false breakdown too triggered by a news based event.
On the downside swing downside targets emerge at 5580 and below that very crucial support zones comes at 5530-50 band. A close below that support band only may ring warning bells for long term swing players.
This is the support zone that long term players or investors should watch out for to buy positions into the market in case this is tested.
On the upside now immediate swing resistance comes at 5680 levels  and above that at 5700 levels. Crucial swing break out zone remains at 5730 levels.

Similarly short term momentum indicators now remain negative until NIFTY FUT holds below 5680 zone. And mid term momentum indicators too are short until we see a close above 5695 levels.

As for trading today the levels are as follows:
POWERTRADE BEARS LAST STAND POINT OF THE DAY -----5680-85 sustaining above which it will target 5700,5730
POWERTRADE TREND DECIDER OF THE DAY ------- 5645-50
POWERTRADE BULLS LAST STAND POINT OF THE DAY------- 5580-85
Breakdown and sustaining below POWERTRADE BULLS LAST STAND POINT OF THE DAY will open target for support of ---- ,5565,5550,5530

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