Review of 16th jan and Update for 17th jan 2013

NIFTY FUTURE – Review of 16^th   Jan

NIFTY FUT – Well what an anti climax was today. After witnessing the strong moves that we saw in the past session. But thankfully all our readers and traders were well prepared for this and had booked in time.
We had mentioned the 6095 as the final swing target. And yesterday we wrote that the swing target was done.
We also discussed a potential warning where the move was not strongly supported by banknfity Futures.

Additionally yesterday we clearly wrote that long can only be , I repeat can only be take if NIFTY FUT clears the 6095 zones. See our BEARS LAST STAND point of the day. market at 6095 as well. Markets opened below it and never looked like taking that level out. Well these were enough signs of warning and I genuinely hope the readers followed that advice, instead of creating blind longs just because they saw a dip.
We also mentioned that the TREND DECIDER of the day was 6055 and wrote that markets will trade weak and attempt lower zones if that level is breached. This is exactly what happened once 6055 was broken. We mentioned the downside BULLS LAST STAND POINT  at 6025 zones and this target was not only done. Look at the target mentioned below that 6005. NIFTY Made a low towards closing moments just above that.
Hope traders made good opportunity of the rare volatility towards their advantage and took the right trade.
Has the market topped out? Is there more steam left? How to figure that out?


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NIFTY FUT traders took some contrarian longs at 6070 levels had a bad trade and then went short below 6049 levels booking in hefty gains. BANKNFITY FUT traders had a good trade too going short near 12790  levels and booking strong gains all the way till the closing moments. ..… Are you looking for complete guided trading without any hassle?.. Are you still worried about your trade entries? Are you missing on these turning points entries? How about looking at our points guaranteed services. …... Where to take the next trade? Did you catch the move in the right time?.... Are you still guessing where to trade? Subscribe to our premium calls and leave your trade entry and exit worries to us. 

NIFTY FUTURE – 17th  Jan  Trading Guide

NIFTY FUT we had mentioned that and clearly wrung out the warning bells well in advance. Today is a key and testing day for one of the key aspects of trading. That is we may have a view where markets can go and try to trade as per view. But as an intraday trader the challenges are large. One has to quickly analyze that the market momentum may have changed in the short term. This conflicts with your view. For a swing trader he may sit back and analyze and take trades accordingly. But for a short term trader he has to adapt and evolve his views intraday , which may be even at times against your position. The challenge then becomes even more.
This is something we all need to practice day in and day out. That’s one of the reasons why it is advised that that we trade with lower leverage. Because your position or the M2M shouldn’t determine your view but the other way round. Cut out positions when they become un comfortable.

Back to the trading and levels. NIFTY FUT had an engulfing daily candle and has pierced through the 6025 support zone and has closed below it and this doesn’t auger well. NIFTY FUT will now again face immediate resistance at 6025 zones and above that can become indecisive again and try to notch up to 6055 levels, We will only see strong momentum back if NIFTY FUT is able to convincingly take out those levels. Above that the swing hurdle is now firmly established at 6100 zones.
On the downside NIFTY FUT has a support and buffer zone at 5995-6005 levels  and this will be keenly watched out. We would prefer and advice to initiate fresh shorts only if that level is breached or wait for a pull back to take short and reversal trades.Below that level NIFTY FUT will attempt the  5965 support zones and in case that is breached too the swing support of 5945 should hold on for now. Else we are looking for a bigger swing correction. Lets see how it spans out

As for trading today the levels are as follows:

POWERTRADE BEARS LAST STAND POINT OF THE DAY ----- 6050-55   sustaining above which it will target 6070,6095,6135
POWERTRADE TREND DECIDER OF THE DAY ------- 6020-25
POWERTRADE BULLS LAST STAND POINT OF THE DAY------- 5990-95
Breakdown and sustaining below POWERTRADE BULLS LAST STAND POINT OF THE DAY will open target for support of ---- 5975,5940

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

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