NIFTY FUTURE – Review of 5th December
NIFTY FUT-
today gapped up above our marked resistance zone of 5930 odd levels and
attempted the highs of 5960 but failed to make a decisive mood. Two things
today first where we were right and where it went wrong.We mentioned that once NIFTY FUT manages to clear 5930 levels should be able to attempt 5990 zone which it failed to. The lack of momentum did take us by surprise as well. This is something that we got wrong. What we got right was the breakout zone, this exactly proved as a support for NIFTY FUT and it barely managed to hold on to that level.
Other than that nothing really much to take home about the review of today as it just traded in a very small range.
What is important is how do we analyze and plan for the trade tomorrow given the daily candle it formed.
Let us read that in our trading session for the next day.
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NIFTY
FUTURE – 6th December Trading Guide
NIFTY FUT despite clearing the previous high failed
to show any momentum is a word of caution here.
On 5th NIFTY FUT formed a small daily candle just about 30
points range. Given the fact and also that the low coincides exactly with
previous high levels that is the 5925-30. This becomes even more
important. Ideally watch out for the
daily range to clear out on either side to initiate a trade for Longs or short.
Immediate support now emerges at 5925-30 zone and a break of that will possibly call for a re test again of 5900 zone again. The previous support in terms of swing levels is also at 5890-5900 odd levels. On the upside if now 5960 is cleared then markets markets can test the 5990 zone as is our swing target levels. Since the market made a mid range high near 5960 traders may want to take a trade and trail for upside targets.
Similarly intraday traders may initiate shorts below 5925 odd levels and swing traders now need to get cautious below that level as well
Now the short term momentum indicator being a more aggressive indicator is positive until NIFTY FUT holds above 5925 levels. This will serve as an additional confirmation. The midterm momentum indicator are now also trading positive and will continue to hold so until NIFITY FUT holds above 5860 levels.
As for trading today the levels are as follows:
POWERTRADE BEARS LAST STAND POINT OF THE DAY -----5955-60 sustaining above which it will target 5990,6025,6048
POWERTRADE TREND DECIDER OF THE DAY ------- 5925-30
POWERTRADE BULLS LAST STAND POINT OF THE DAY------- 5890-95
Breakdown and sustaining below POWERTRADE BULLS LAST STAND POINT OF THE DAY will open target for support of ---- 5865,5835
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