Review of 13th Feb and Update for 14th Feb 2013

NIFTY FUTURE – Review of 13^th Feb

NIFTY FUT – Yesterday when we shared the charts and detailed out the strategy for trading the markets. We clearly pointed out that if NIFTY FUT manages to move above the zone of 5960 levels will go onto test the swing hurdle zones of 5990.
NIFTY FUT once closed that level in the morning session managed to move up and made a top below the zone of 5990.   We had clearly warned that until the levels of 6010 are cleared markets the actual trend reversal will not be confirmed.
We had clearly plotted the Fibonacci retracements and this as I wrote would serve as a good indicator for identifying the next trading levels.
Today there were potentially two good trading opportunities if we review vis a vis the levels. One was a Long opportunity once we knew NIFTY FUT was trading above the 5960 zones. Second would be a contrarian pull back opportunity once 5990 was not cleared.

NIFTY FUT breached the 5960 levels and closed below it ,  How to plan for trading the markets in the coming sessions. What are the trading levels to look out for? Review our Trading analysis for the next trading session.
                                                                                                                   
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NIFTY FUTURE – 14^th Feb  Trading Guide

NIFTY FUT – Almost tested the upside zones of 5990 and failed to sustain  there. More so it closed below the trading levels of 5960 . If we review the daily charts. Now we have two complex chart formation. 1. A reversal pattern  for 11^th and 12^th and at the same time a bearish candle for today where markets failed to sustain the opening levels and closed below yesterday’s close.
Given the pattern with which NIFTY FUT has traded in the past few months now in all probability the 5900-5960 zone will prove to be the make or break zone. Between this expect NIFTY FUT to trade choppy and listless.
Swing wise we atleast need a definite close above 5960 levels to confirm any sort of bottom formation.

Keep the charts posted yesterday as a reference for swing trading. We will post a fresh chart once new levels emerge out or once we see a new pattern. As per daily trading levels immediate hurdle will now come at  5945 levels and trading above that can attempt 5965 levels. Only if that is cleared expect NIFTY FUT to trade with a positive bias to attempt the highs again. On the downside immediate support now comes at 5925 and a breach of that can see a quick test o 5900-5890 zones. Which will prove as the final frontier for BULLS trying to get in at these levels.
Swing indicator wise the short term are back to negative territory  and will turn positive once NIFTY FUT moves above 5965 again. Mid  term momentum indicators are negative now and will continue to hold so until NIFTY FUT trades below 5965  levels
As for trading today the levels are as follows and pretty much remains the same:

POWERTRADE BEARS LAST STAND POINT OF THE DAY ----- 5940-45   sustaining above which it will target 5965,5995,6025
POWERTRADE TREND DECIDER OF THE DAY ------- 5925-30
POWERTRADE BULLS LAST STAND POINT OF THE DAY------- 5900-5890
Breakdown and sustaining below POWERTRADE BULLS LAST STAND POINT OF THE DAY will open target for support of ---- 5865,5830

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