Review of 23rd jan and Update for 24th jan 2013

                                       

NIFTY FUTURE – Review of 23^rd   Jan

NIFTY FUT –  Terrific day where markets finally broke out of the trading range and showed some respectable move. A hint of it was already there yesterday and spot on analysis as well.
Yesterday we clearly advised short on rise or on break down of 6060 levels.  This is exactly what happened.  This coincided with our  TREND DECIDER of the day  also at 6060 levels and once that was breached we saw a convincing down move.
Now the second aspect of the analysis was also important. We had marked out that the 6025 range is the supply zone and a break of that will only ensure that markets can fall further. Please also note the BULLS LAST Stand point of the day is 6025-30. This is the precise level markets bounced back from.
We hope that level helped the traders to book timely profit.
How would we have traded that range given that the down move looked convincing?- Although there is no definite answer for this , firstly we should had booked profits in gains on downside and possibly kept a small position open with a trailing stop. Risky traders could also have added shorts once  6025 break was confirmed.
We should be careful of the fact that the mid term momentum indicators remain positive yet and this would had been an ample sign to ensure the for downside trades profits need to be locked in.

NIFTY FUT tested the crucial support zone of 6025 and bounced back sharply from that level. How is it likely to trade know, what are the levels to watch out for?  See our analysis for the next session

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NIFTY FUT traders had a terrific trade today going short near 6060 and book profits all the way till day's low as per our levels. BANKNIFTY FUT traders too had a good session earning a good 80 points today...… 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 – 24^th   Jan  Trading Guide

NIFTY FUT tested the crucial support zone of 6025 and bounced back from there.  What are the take away from that level. First thing to watch out is that the volumes in the pull down and the pull back candles. The volumes are exactly similar i.e. the cumulative volume in falling candle is same as the ones witnessed during the pull back.  This makes the support zone even more important now.
Since NIFTY FUT has managed to pull back and close above the 6060 zones this will again act as an immediate support zone now. Expect markets to trade choppy this time if it breached 6060 and between 6040 range. Hence we should be a careful now shorting on breakdown. On the upside 6095 will form as the immediate hurdle and above that we have a hurdle range of 6110-6120 zones. But expect markets to show some momentum if 6095 is crossed this time.
Swing hurdle as mentioned still remains in the 6120 range. On the downside the support zone remains at 6025 below the 6040 range and a break of that will call for a test of the next support and supply zone of 5990-6000.
Readers may mark these levels in the chart for references  to help with their trading.


As for trading today the levels are as follows:

POWERTRADE BEARS LAST STAND POINT OF THE DAY ----- 6095-6100   sustaining above which it will target 6120,6135
POWERTRADE TREND DECIDER OF THE DAY ------- 6055-60
POWERTRADE BULLS LAST STAND POINT OF THE DAY------- 6035-40
Breakdown and sustaining below POWERTRADE BULLS LAST STAND POINT OF THE DAY will open target for support of ---- 6020, 5995,5960

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

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