REVIEW OF 1st Nov 2012 and Update for 2nd Nov 2012

NIFTY FUTURE – 1 St November Review

NIFTY FUT – The other day we discussed that markets had given a break down and it is important to watch out if is manages to sustain below those levels and trade lower. We had also mentioned that until the lower swing support levels are broken the long term swing is positive for a rally that began near 5000 levels and at the same time the  mid term trend is weak.
The combination of a weak mid term trend and a positive long term trend has ensured that so far no breakdown has followed up with sustained selling pressure. The same thing again happened in the previous 2 sessions. While NIFTY FUT marked a new low near 5610 zones it managed to pull back again above the crucial trend decider zone of 5640 and close above it.
So it the correction done yet? What is the key level to watch out for to confirm that? Read our analysis for the next session.


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 NIFTY FUTURE – 2^nd November Trading Guide
NIFTY FUT –   managed to pull back smartly and close above the key break down level of 5640 zone. Readers will recall that we had mentioned that on the upside the immediate swing resistance comes at 5680 zones. This is where markets exactly topped before closing a shade below it. Readers will have to observe for this level to be crossed if the upmove has to be sustained. Above that the next swing resistance emerges at 5711 levels and true BULLS can only be if market manages to close above 5730-40 zone on a swing basis.  Until then expect the choppy run to continue in this trading range.
On the downside 5630-40 zone will form as the immediate support now and below that 5600 levels and 5580 levels emerge as strong targets. 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.

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 ------- 5635-40
POWERTRADE BULLS LAST STAND POINT OF THE DAY------- 5600-10
Breakdown and sustaining below POWERTRADE BULLS LAST STAND POINT OF THE DAY will open target for support of ---- ,5565,5550,5530

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

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