Review of 21st jan and Update for 22nd jan 2013

NIFTY FUTURE – Review of 21^st   Jan

NIFTY FUT –  On our analysis for Monday we had discussed that how important is the trading range of 6060 on the downside and 6120 on the upside is. We also mentioned that expect markets to trade in  a range bound manner until the trading range of 6120 on the upside and 6000 on the downside is not cleared in a convincing manner.
Markets again traded in a complete range bonud manner which has been typical of the  most of the December series and the January series as well. NIFTY FUT total trading range was a mere 35 odd points.
Again today high made was exactly arounf our BEARS LAST Stand point and the low just above our TREND Decider giving away little for traders.
The fact that it gave a break out above the 6095 range is significant and need to be closely watched in the coming sessions. This is also the highest closing of the markets in this series so far.

Now that markets have given the highest close so far whats in store for the next sessions? What are the levels to look out for? See our analysis for the next session


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NIFTY FUTURE – 21^st   Jan  Trading Guide

NIFTY FUT closed at the highest level so far but the cause of worry and to watch out is the volume component as the volume traded is way below the average for the past few sessions. Also that markets are not moving on either direction with conviction so far. What is important based on this is we still watch out for the 6000 range on the downside and 6120 on the upside as we discussed in the previous session. Until the range is cleared we have to look for pull back trades within that range and a clear breakout or a break down trade beyond that range. On either side there is a potential 2-2.5% move possible.

So what are the upside/downside projections after this?  On the upside a swing target of 6270 emerges once we are able to clear 6120 convincingly and on the downside a break of 5990 support can lead to a test of 5840 levels in the coming sessions/months. We will update this space as more targets possibly emerge.

Now with intraday trading levels. NIFTY FUT on the upside faces immediate resistance at 6120 levels  and if it manages to clear it can go on to target the next hurdle at 6135 range and above that can dart upto 6170 odd trading range. On the downside a breach of 6060 can first lead to a test of 6040 and then the intermiedaitee supply zones of 6025 range. 6000 still remains as the swing buffer a supply zones as per our analysis above.
As for trading today the levels are as follows:

POWERTRADE BEARS LAST STAND POINT OF THE DAY ----- 6120-24   sustaining above which it will target 6135,6170
POWERTRADE TREND DECIDER OF THE DAY ------- 6090-95
POWERTRADE BULLS LAST STAND POINT OF THE DAY------- 6060-65
Breakdown and sustaining below POWERTRADE BULLS LAST STAND POINT OF THE DAY will open target for support of ---- 6040,6025,6005

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

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