REVIEW OF 6th Nov 2012 and Update for 7th Nov 2012

NIFTY FUTURE – 6^th Nov Review

NIFTY FUT –   WE had mentioned that while the movement continues to be range bound the bias is positive on NIFTY FUT and had advised traders to trade on the long side. This was evident from yesterday’s move where NIFTY FUT managed to form a higher low and close compared to previous sessions.
NIFTY FUT we had mentioned that once 5740 levels are cleared targets of 5765 levels emerge out. This is where NIFTY FUT closed  after creating a higher top.
Overall movement continues to remain range bound and restrictive giving away little for intra day players. In such scenarios what are the options that emerge out for intraday players? Read our blog for the next session.


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NIFTY FUTURE – 7^th November Trading Guide

NIFTY FUT – managed to close above the decisive level of 5740 zone and this will now act as a support zone that is levels between 5730-40. A breach of that will again push NIFTY in a range. On the upside if NIFTY FUT manages to hold above 5765 levels targets of 5800 and 5830 are a potential.  IF NIFTY FUT again trades below 5740 levels on a sustained basis  a test of 5700-10 levels is possible on the downside.
Until NIFTY FUT holds above 5740 expect NIFTY FUT to trade with a positive bias and expect it to trade bullish once NIFTY FUT trades above 5765 levels on the upside.
Intraday or swing players look for buy in dips in this trading range or in breakout again above yesterday’s highs.

Similarly short term momentum indicators remain positive until NIFTY FUT holds above 5700 levels and now mid term momentum indicators are positive as well until NIFTY FUT sustains above 5700 zones.

So how does an intraday or a short term trader trade in these range bound conditions. There are couple of options that we see and trading options is definitely not one of them as there is lot of value depreciation that happens because of lack of volatility. The possible options are hold on a swing basis with swing stops and targets and just be patient or another possibility is look for scalping trades. Traders must realize that in either of the strategy you will not earn in all conditions and one should be ok with it.
Secondary alternative is too look for a slightly volatile counters like BANKNIFTY or also look for stock specific play as lot of stocks are proving good trading opportunities.

As for trading today the levels are as follows:
POWERTRADE BEARS LAST STAND POINT OF THE DAY -----5765-70   sustaining above which it will target 5800,5830,5855
POWERTRADE TREND DECIDER OF THE DAY ------- 5735-40
POWERTRADE BULLS LAST STAND POINT OF THE DAY------- 5700-10
Breakdown and sustaining below POWERTRADE BULLS LAST STAND POINT OF THE DAY will open target for support of ---- ,5680,5650

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