NIFTY holding up at these levels, what is the key level to watch out for

NIFTY FUTURE-  Market Review 8th April

NIFTY FUT- A range bound session indicating NIFTY is managing to find some support here at these levels. Today we saw that NIFTY FUT pretty much traded between the levels of 5595 and 5560 this was also our TREND DECIDER and the BEARS LAST stand point of the day.

We had many a times mentioned in the past that when markets trade between two trading levels that are provided it is a good sign that markets may stay range bound here. Today was just about that, we wanted to go short but markets didn’t retrace to our level making it a trade les day for us.

NIFTY FUT barely managed to close again at near 5560 trading levels what is in store next? Read our review for the next session.

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 NIFTY FUTURE – 9^TH April  Trading Guide

NIFTY FUT  barely managed a close near 5560 trading levels, we had mentioned this level a few times already in the last couple of trading sessions, the fact that market is managing to play around this level goes on to show the importance of this level.

Now we had a small trading candle on a daily basis, also markets made a similar double bottom for two consecutive trading days.

Based on this 5550-55 will hold the key and also play as the immediate trend decider level for the day. A breach of that can ensure that NIFTY FUT will try to test the lower levels of 5515-20 on the downside. Below that we can see a support zone at 5500 trading levels.

On the upside NIFTY FUT will tend to again pull back and test the trading levels of 5595 and in case NIFTY FUT manages to hold above that zone it may see a sharp pull back to attempt the 5630 odd trading levels.

Trading strategy: Look out for the daily candle of the previous day and avoid taking a trade within the candle. Look to short below or Long above the daily candle range. Scalpers can try to see a quick pull back trade within this range and reversal beyond the trading range,

Trading levels for the day:

POWERTRADE BEARS LAST STAND POINT OF THE DAY ----- 5590-95 sustaining above which it will target 5630,5665
POWERTRADE TREND DECIDER OF THE DAY ------- 5555-60
POWERTRADE BULLS LAST STAND POINT OF THE DAY------- 5515-20
Breakdown and sustaining below POWERTRADE BULLS LAST STAND POINT OF THE DAY will open target for support of ---- 5500,5470