REVIEW OF PREVIOUS Week and Update for 19th Nov 2012

NIFTY FUTURE – Review of Previous week

NIFTY FUT- Not a blast of a Mahurat trading week that we saw,  and the subsequent correction was not encouraging for the investor community as well.
Let us review what we had written in the previous sessions . We had mentioned that  the pace of the fall in correction that we witnessed on the 9th was not good too and some more fall was expected. ON 9^th Markets closed at 5725 an since then we have now witnessed a correction of more than 150 points.
16^th was another dampner where markets closed at day’s lows and failed to hold onto to the crucial swing support levels of 5640. The pace of fall that we witnessed once that was breached goes on to show how important that trading level was.
Now we all will be interested to now what’s next? What are the next trading levels to watch out for, where will next support and resistance likely be? Read our post for the next session.

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NIFTY FUTURE – 19^th November Trading Guide

NIFTY FUT –  failed to hold on to the crucial support levels of 5640 and below that at 5600 and closed well below it.
This fall ensures that now immediate level of 5580 will act as a resistance again, above that resistance is likely to emerge at 5610. Now the swing levels of 5640 will act as a swing trading resistance, Only a close above that level will ensure that BULLS have clawed back. Until that level is taken out BEARS will try to short at every rise here.
Crucial Support now emerges at the trading zone of 5530-5545. For two reasons. 5545 is a swing trading retracement of the highs and lows of 5236 and 5530 is a gap that has not been filled yet. In case that level is breached expect NIFTY FUT to fall further.
Incase that level is breached the next support emerges at  at 5510 and below that 5480 levels.
Momentum  wise now both the swing indicators that is short term and long term are trading negative . short term indicators will continue to trade negative until NIFTY FUT holds below 5620. The Mid term indicators remain negative until NIFTY FUT clears 5660 levels.

As for trading today the levels are as follows:

POWERTRADE BEARS LAST STAND POINT OF THE DAY -----5615    sustaining above which it will target 5635, 5665
POWERTRADE TREND DECIDER OF THE DAY ------- 5580-85
POWERTRADE BULLS LAST STAND POINT OF THE DAY------- 5530-40
Breakdown and sustaining below POWERTRADE BULLS LAST STAND POINT OF THE DAY will open target for support of ---- 5510,5480

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

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