REVIEW OF 8th Nov 2012 and Update for 9th Nov 2012

NIFTY FUTURE – 8^th Nov Review

NIFTY FUT –   Yesterday markets looked for a negative run due to very weak global cues. But at the same time the advice was always to take the trade as per trading levels and market momentum rather than pre empting a move. Let markets unfold and take a direction as per level and our trades should be inline to those levels.
That would had helped yesterday, because as markets opened gap down, it found exact support at our BULLS LAST STAND point and managed to stage a pull back from there to top out near our TREND DECIDER of the day and closing below those levels.
Overall movement was volatility still remains within 40 odd points.
Now that we have once found support near 5740 zones, what are the next levels to watch out for? Is there move upmove left? Read our post for the next session.

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NIFTY FUTURE – 9^th November Trading Guide

NIFTY FUT – managed to find support near 5740 levels and managed to pull back to close around 5770 zone. The low made is exactly about 38.2 % retracement of the recent upmove from the lows of 5613 levels. IF we take that into consideration and the support resistance zones the next immediate hurdle emerges at 5770-80 levels. A cross of that gives a fair potential to test the highs of previous sessions. Until that point of time until NIFTY FUT manages to trade within 5740-70 zone, expect choppy indecisive moves. Risky traders still willing to trade that zone may look for long in dips with stops below 5740. On the downside a breach of 5740 will again mean a retest of 5710 levels is possible. This is another support zone to watch out for. And a breach of 5700 levels this time can seriously hamper the upmove.
Similarly short term momentum indicators remain positive until NIFTY FUT holds above 5745  levels and now mid term momentum indicators are positive as well until NIFTY FUT sustains above 5700 zones.
As for trading today the levels are as follows:

POWERTRADE BEARS LAST STAND POINT OF THE DAY -----5775-80   sustaining above which it will target 5800,5830,5870
POWERTRADE TREND DECIDER OF THE DAY ------- 5760-65
POWERTRADE BULLS LAST STAND POINT OF THE DAY------- 5745-50
Breakdown and sustaining below POWERTRADE BULLS LAST STAND POINT OF THE DAY will open target for support of ---- ,5720,5700,5680

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

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