Review of 7th Feb and Update for 8th Feb 2013

NIFTY FUTURE – Review of 7^th Feb

NIFTY FUT – A terrific day to work the trading levels. NIFTY FUT opened in a gap down just around the 5960 levels and once that level was sustained in the opening session NIFTY FUT managed to pull back and make a high just below the previous trading top that we had mentioned. We had clearly written that swing hurdle remains at  5995-6000 zones and this is exactly where markets topped out today.
So how did your trading levels worked today.  IT was mentioned that the BEARS LAST STAND POINT OF THE DAY ----- 5995-6000. This is exactly where markets made a top today.
From there markets fell to test the TREND DECIDER at 5960 levels and pulled downwards. Once that level was broken NIFTY FUT made a dash  to  test the next trading levels.
How did that work?  Well see for yourself. We mentioned that BULLS LAST STAND POINT OF THE DAY------- 5930-35
NIFTY FUT low made exactly above it at 5940 zones.
Hope traders capitalized on that trading opportunity and made decent gains.

Now the interesting part is NIFTY FUT breached the levels and managed to close above that zone of 5960 now.
So how does this read for the markets? Read about the trading levels to watch out for and our analysis for the next trading session.


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NIFTY FUTURE – 8^th Feb  Trading Guide

NIFTY FUT – tested the lower support zones and closed within the same trading range. What is of significance now is that despite 5960 getting breached markets managed to pull back and close above it. This shows that the supply is still very strong at these levels.  Swing traders holding shorts now can bring down the trailing stops at 6005 levels. and we hope since 5960 was an identified level,  part profits have already been booked here.
On the downside 5940 will hold the key now and if that is breached we can see another 1-2% correction below it.
For now watch out for 5960 holding on an immediate basis.  If that holds markets may manage to sustain in this range.
On the upside the range of 5990-6000 will prove as the immediate hurdle and if NIFTY FUT manages to move above that level it may well go on to test the next levels of 6025 zones.

Now how to trade the coming session. Would like to prefer to look for low risk long positions if NIFTY FUT manages to sustain above the trading zone of 5960 or go short below that trading range. On the upside only if it sustains below 5995 look for short positions.  Or a long position above that zone. Since market has traded in range upside trading decision is relatively easier.

Swing indicator wise the short term indicators are negative and will continue to hold so until NIFTY FUT trades below 6005. Mid  term momentum indicators are negative now and will continue to hold so until NIFTY FUT trades below 6025 levels
As for trading today the levels are as follows and pretty much remains the same:

POWERTRADE BEARS LAST STAND POINT OF THE DAY ----- 5995-6000   sustaining above which it will target 6025,6045,6065
POWERTRADE TREND DECIDER OF THE DAY ------- 5960-65
POWERTRADE BULLS LAST STAND POINT OF THE DAY------- 5930-35
Breakdown and sustaining below POWERTRADE BULLS LAST STAND POINT OF THE DAY will open target for support of ---- 5910,5890

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

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