Review of 9th jan and Update for 10th jan 2013

NIFTY FUTURE – Review of 9^th   Jan

NIFTY FUT marked another day completely almost trading within the range that has been driving intra day traders crazy. Barring the low created by NIFTY FUT during the closing sessions there was nothing to take away from it. We had discussed just yesterday that it will be prudent to take pull back trades within the range and only look for a break out or a break down trade outside this range.
Also we mentioned that the TREND DECIDER of the day is 6015 levels  and the BEARS LAST STAND point of the day as 6055. Once market steadied in the market in the morning and moved up it made a high just below the BEARS LAST STAND point of the day. failing to clear that market gave a pull back trade opportunity to the TREND DECIDER zone of the day. Also traders may take a note on how fast the markets moved once the TREND DECIDER was broken.  It fell through near 30 points in a span of ten odd minutes.
So what do you look forward to in the next session?
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NIFTY FUTURE – 10th  Jan  Trading Guide

NIFTY FUT take out the daily charts and draw two lines one at 6060 and the another at 5990. Baring a few spikes markets have completely moved within this 60 odd point range now for 6 sessions in a row. This strong range bound move was also discussed few sessions back once we mentioned the Bollinger bands pulling in closer.
While the mid term momentum remains fairly positive the recent spat of moves within the range has not augured well and now for swing traders ideal trade would be to look for markets to find support at lower levels where the risk reward ratios are favorable. Safe traders can wait and watch to clearly take out the highs and initiate trades.
Short term traders or intraday day traders should though clearly look for short trades in case NIFTY FUT persists below 5990 with targets zones of 5970 and 5945 levels on the downside.
On the upside resistance now emerges at 6020 odd levels and above that the swing resistance remains at 6055 levels.

again traded within the trading range as discussed but managed to close on the higher side of the trading range and also we saw some range expansion possibilities this goes on to increase the possibility of break out side this trading range.  We had been discussing that one should either stay neutral or look for pull back trades within this range. Breakout or break down trades should only be preferably taken outside this trading range.

The short term momentum is now neutral and will be negative once NIFTY FUT moves below 5990 levels.  The midterm momentum indicators remain positive until NIFTY FUT holds above 5940 levels.


As for trading today the levels are as follows:


POWERTRADE BEARS LAST STAND POINT OF THE DAY ----- 6055-60    sustaining above which it will target 6098,6120
POWERTRADE TREND DECIDER OF THE DAY ------- 6015-20
POWERTRADE BULLS LAST STAND POINT OF THE DAY------- 5985-90
Breakdown and sustaining below POWERTRADE BULLS LAST STAND POINT OF THE DAY will open target for support of ---- 5970,,5945

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

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