Review of 4th Jan and update for 7th Jan

NIFTY FUTURE – Review of 4^th   Jan

NIFTY FUT for 4^th jan we discussed that the support zone exists at 5990 6000 zone , this was also mentioned  as our TREND decider of the day. NIFTY FUT opened gap down and found some support just above that zone. Once Nifty fut managed to hold that zone it tried to move on the upside and eventually tested our upside zone of 6050.
We had discussed that this was the zone to watch out for in the previous session too.
NIFTY FUT pretty much traded range bound within this range and failed to break outside either range.
The only thing to watch out for is that NIFTY FUT made a marginally lower high than the previous session.
Other than that there is not much to write about as markets traded range bound now for two consecutive sessions.
Now let us review how to trade these markets in such range bound scenarios. Read our analysis for the next session

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NIFTY FUTURE – 7^th  Jan  Trading Guide

NIFTY FUT tested the immediate support levels of 5990-6000 in the past few sessions and managed to pull back and closed a shade below 6050 our next break out zone identified. We had discussed in the previous session that if it manages to move above this level will head towards the upside zone of 6098 levels. Above that mid term swing targets are now at 6170 levels. 
On the downside the support of 5990-6000 will prove as an important level of support to watch out for in the coming session. In case that is breached NIFTY FUT may drift down to the lower support levels of 5960-65.  This should act as a immediate supply zone.

Since the momentum indicators are trading positive the ideal trade to look out for is to look for pull back trades on the lower support ranges until 5990 is breached or at the same time look for a break out trade above this zone.
Also look for a break down trade in case 5960 is breached.

 The short term momentum indicator remains strong and positive and will continue to hold so until NIFTY FUT trades above 5980 levels.  The  mid term momentum indicators  remain positive until NIFTY FUT holds above  5940 levels.
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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 6090,6120
POWERTRADE TREND DECIDER OF THE DAY ------- 5995-6005
POWERTRADE BULLS LAST STAND POINT OF THE DAY------- 5960-65
Breakdown and sustaining below POWERTRADE BULLS LAST STAND POINT OF THE DAY will open target for support of ---- 5940, 5910

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

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