Review of 22nd Feb and Update for 25th Feb 2013

NIFTY FUTURE – Review of 22^nd Feb

NIFTY FUT –  Are we plain lucky every time or is it spot on technical analysis using a combination of  proven methods and our unique price point analysis.  For a very long time we have been telling our readers that 5830 is the supply and support zone and markets will find some hope near those levels.
On Friday NIFTY FUT opened gap down to make a low exactly there and once the first candle closed near 5860 zones it was an ample proof that we will get to see some pull backs.
At the same time since the fall the previous day had been severe there were expectations that any pull back will be resisted and hence despite an up move the BEARS LAST STAND point will be a key level to watch out for.  Markets made a top just below that level AT 5883  and failed to cross that expectedly so.
In a day like this when markets have corrected severely the previous day it is important to hold out either to see the opening low break or wait for a right time to short at pull backs to good levels. This specially applies to intraday traders who are trading with tight stops.
This is when the day trading levels come of good use and are handy. Hope traders got to use the levels and get good trades on one of them.

NIFTY FUT managed to pull back from crucial support zones? Is the correction done? This is the time when the Elliot waves will come in handy. Let us do a quick review of Elliot wave analysis in our analysis for the next session.

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NIFTY FUTURE – 25^th   Feb  Trading Guide

NIFTY FUT – Managed to test the two crucial levels of 5890 on the upside and 5830 on the downside and close somewhere in between those levels. NIFTY FUT also interestingly had nearly the same close in the past two trading session that is near 5860 levels. This also goes on to prove that how important that level is  for the big players.
Fortunately our readers and traders were well aware of that level even before markets tested that level. We had written about that long back.  The fact that we have got the projections right so consistently helps the swing traders as well to plan their trades in advance.
With the current close in mind let us do a quick review of the Elliot wave analysis of NIFTY, to see where it might be headed.
Elliot wave charts posted at our blog

NIFTY ELLIOT WAVE CHARTS

As we see in NIFTY , keeping the lows in view NIFTY has completed the 5^th wave  and is now all set to form the smaller corrective wave patterns. Keeping that in view the recent highs and lows formed will be the key. In case nifty Fut manages to inch past 5890 levels we can see another corrective pull back till 5920-30 zones.
On the downside a breach of 5830 will see a test of lower levels of 5790 and lower zones

Intraday Trading wise it will be important to first watch out how NIFTY FUT plays with the 5860 levels any sustenance above it will be positive and below it will be negative.

Momentum indicator wise short term indicators moved into negative territory  and remain so until NIFTY FUT trades below 5890 . Mid term momentum indicators are now trading  negative as well and will continue to hold so until NIFTY FUT trades below 5925 now.

Trading levels for the day:

POWERTRADE BEARS LAST STAND POINT OF THE DAY ----- 5890-5895 sustaining above which it will target 5925,5945
POWERTRADE TREND DECIDER OF THE DAY ------- 5860-65
POWERTRADE BULLS LAST STAND POINT OF THE DAY------- 5827-32
Breakdown and sustaining below POWERTRADE BULLS LAST STAND POINT OF THE DAY will open target for support of ---- 5814, 5790

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

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