Review of 25th jan and Update for 28th jan 2013-ELLIOT WAVE ANALYSIS & CHARTS

NIFTY FUTURE – Review of 25^th Jan

NIFTY FUT –  For Friday we discussed that  6025 will be the key level to watch out for and at the same time we asked traders to only go short at the break of 5995 and advised traders to look for a pull back opportunity.
Markets traded without a decision in the small trading range but didn’t crack the 5995 levels and this was important and a warning signal that the supply zones that our readers were aware of well in advance may be respected.
This is exactly what happened when we saw the first decisive close above the 6025 zone near about 12 and from there on markets didn’t look back.
We got it wrong early on trying to take a low risk pull back long instead of waiting for the break down , but wisdom prevailed and we closed positions in time and went long to manage well for the day.
Trading above 6025 targets were marked at 6060 (BEARS LAST STAND point of the day) . Check out the candle formation once 6025 was crossed after 12, we didn’t see any close below that level after that and markets managed to do upside targets. First target above 6060 mentioned at 6090, NIFTY FUT high made just below that.
We will recall this was also the swing resistance zone.

Now that markets have pulled back and closed above 6060. What is expected for the next few trading sessions?
Read our analysis and review the charts for the next session.


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NIFTY FUT traders as discussed initially went short below 6025 levels and decided to close the positions and reverse around 6040. Barely making it a neutral day. Bankinfity fut traders had a good trade earning, But missed some of the swing as markets rallied a little too late and we had closed intraday positions...… 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 – 28^th  Jan  Trading Guide

NIFTY FUT – last week we had discussed in our charts that how important is the trading levels of 6000 on the downside and 6120 on the upside. This is exactly how this spanned out in this range bound volatile week so far where NIFTY FUT just traded within this range without giving away anything on either side. We also advised traders to look for pull back trades within this range and that worked beautifully well for the past week.

With the current week that has spanned out let us look at the Elliot wave and Fibonacci extension analysis charts for NIFTY FUT. As always a chart tells you a lot more things in simpler format than words.

NIFTY FUT WEEK 28 JAN

Based on the chart we see how markets have held on to this range. Now that 6000 has got tested and respected and we managed to close nearer to the upside range , this time we would look for  markets to take out the swing levels of 6120,. Aggressive traders may look to created long side positions even above 6095 zones.
On the downside 6060 will act as the pivotal point and a close above or below it will decide the immediate move of the markets. As we see from the charts we have completed wave 5 in the charts and are looking for new trends to emerge out.
Based on the extensions it looks like that above 6120 the swing targets remain at 6270 zones. But immediate hurdle above that comes at 6170.
On the downside a breach of 6060 and trading below it will again look for a test of 6025 levels. A breach of that will again see a test of 6000 support zones. Which based on Friday’s move looks a little unlikely.

Swing indicator wise the short term indicators are now positive and will hold so until NIFTY FUT holds above 6040. mid term momentum indicators are also neutral at this trading level, they will swing to positive above 6105. This will be negative once NIFTY FUT trades and moves below 5995 levels.

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 6120,6135,6170
POWERTRADE TREND DECIDER OF THE DAY ------- 6055-60
POWERTRADE BULLS LAST STAND POINT OF THE DAY------- 6025-6030
Breakdown and sustaining below POWERTRADE BULLS LAST STAND POINT OF THE DAY will open target for support of ---- 6005,5990,5960

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

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