Review of 7th jan and Update for 8th jan

NIFTY FUTURE – Review of 7^th   Jan

NIFTY FUT again opened and traded within the same range. We had mentioned clearly 3 sessions back how important is 6050 levels on the upside. This was our swing target mentioned way back in early December as well.
NIFTY FUT is failing to make much head away above this zone.
Today was another range bound session again. Lets recall that we developed and discussed a very simple trading technique to ensure we stay out of trading during the range bound sessions. If markets are pretty much trading between our two trading levels or a smaller range in between its best to stay neutral and wait for a decisive trade.
For example again today markets traded between our BEARS LAST STAND point and the TREND DECIDER of the day.

Given that we don’t have much to write home about today let us analyze what can be the next expected move in our analysis for next session.

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NIFTY FUTURE – 8th  Jan  Trading Guide

NIFTY FUT  tested the upside zone on 7^th and closed a shade above the immediate trend swing supports of 5990- 6000 levels. Let us analyze a key aspect on the hourly charts. The  Bollinger bands have constricted to a very small range on the NIFTY FUT charts. On the hourly charts the bands are now just above 43 points apart. The last time we witnessed this constriction was around 26^th December and then we witnessed a strong move and range break out giving us a good trade for few sessions.
So with this view in perspective expect the NIFTY FUT to break out of this range sooner than later now. Hence now it becomes more prudent to look for a break out or a break down trade rather than a pull back trade here.
Given that we closed on the lower end of the range , we would expect to go short once the 5990-6000 range breaks down. Below that the support or target levels emerge at 5965 and below that at 5945 range.
On the upside a resistance still remains at 6050-55 zone and clearing that NIFTY FUT can attempt 6090 levels and higher.
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. 

 The short term momentum indicator remains strong and positive and will continue to hold so until NIFTY FUT trades above 5990 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 ------- 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 ---- 5975,5945

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

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