NIFTY FUTURE- Market
Review3rd April
NIFTY
FUT- Readers will recall we had
mentioned that 5720 level was the zone to watch out for and at the same time
5760 on the upside was a hurdle . Yesterday we saw a break out of the 5720
range to attempt 5760 zones. Today again we saw that level to be attempted. We
also had a failed breakout trade above that level where we got trapped too. The
trade got hit.
The
failure of NIFTY FUT to take out that level was confirmed once 5720 was broken
on the downward journey.The worry some part for the BULLS though was for the
fact that NIFTY FUT failed to even hold on to 5700 levels and closed below it.
But
im sure the swing traders did manage to enjoy a good pull back from our swing
support zones of 5630 odd levels where we saw a near 100 points bounce back.
Now
that NIFTY FUT has closed below the 5700 levels the mid term mood again turns
somber. How to trade the next few sessions? Read on our analysis for the next
session.
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NIFTY FUTURE – 4th April Trading Guide
NIFTY
FUT closed below the crucial support zones of 5700. This despite the fact that
we saw a significant option build up around that level.
This
will prove as the immediate upside hurdle again. Even if that is cleared all
pull backs to 5725 zones will be resisted. Only if we see a confirmed close
above that level we will be ensured that the BULLS have a fight back chance.
On
the downside NIFTY FUT will have immediate support at 5670 levels and a break
of that will ensure NIFTY FUT sees more downside momentum to test the lower
support zones of 5640 and lower. BULLS will create some supply again at
the5600-5630 zones. Readers will recall that we had identified that level twice
and at both occasions markets gave a significant low risk pull back trade. Will
we be third time lucky? Well best way to see is if that level is indeed test we
wait for a significant move above 5640 to initiate any trades and at the
sametime have reversal trades ready.
Automated
Technical analysis of key indicators:
Advanced Technical Chart analysis forNIFTY_F1():
----Price and moving averages Analysis----:
NIFTY_F1() has closed below its Short time moving
average.
Short time moving average is currently above
mid-time, AND below long time moving averages.
The relationship between price and moving averages
is: neutral in short-term, and neutral in mid-long term.
----Volatility Bands Analysis----:
NIFTY_F1() has closed below the lower band by 5.8%.
Volatility Bands are 26.9% narrower than normal.
The current width of the bands (alone) does not
suggest anything conclusive about the future volatility or movement of prices.
-----------MACD signal analysis-----------
Current Statistics
Close: 5,683.300
Change:
-36.600
MACD Value:
10.016
Signal Line:
15.800
Crossovers:
================
Currently the MACD is bearish since it is trading
below its signal line.
The MACD crossed below its signal line 1 period(s)
ago.
Since the MACD crossed its moving average,
NIFTY_F1's price has decreased -0.640%
And has ranged from a high of 5,751.000 to a low of
5,666.400
Overbought/Oversold
================
The MACD is not in an Overbought/Oversold range.
Divergence
================
There have been no divergence signals within the
last 5 periods.
---------RSI Signal Analysis---------------
Current Statistics
The current value for the 14 day RSI is 40.835
Tops and Bottoms
================
The RSI is not currently in a topping (above 70) or
bottoming (below 30) range.
Buy/Sell signals
================
A buy or sell signal is generated when the RSI moves
out of an overbought/oversold area.
The last Signal was a buy 43 period(s) ago.
Failure Swings (also known as support or resistance
penetrations or breakouts)
============
The RSI has just reached its lowest value in the
last 14 period(s). This is bearish.
Divergence
==========
The RSI and price are not diverging.
Trading levels for the day:
POWERTRADE BEARS LAST STAND POINT OF THE DAY ----- 5700-05 sustaining above which it will target 5725,5755
POWERTRADE TREND DECIDER OF THE DAY ------- 5665-5670
POWERTRADE BULLS LAST STAND POINT OF THE DAY------- 5630-35
Breakdown and sustaining below POWERTRADE BULLS LAST STAND POINT OF THE DAY will open target for support of ---- 5650,5600,5570
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