NIFTY FUT Hits swing retracement levels perfectly as projected. Projection analysis for the next move

NIFTY FUTURE- Review of 28^th May

NIFTY FUT –  Yesterday we discussed that a pull back trade can be the flavor of the day today and at the same time we also discussed that 6030-35 levels will form a crucial swing support zone and pull backs from this zone can be expected. This is also the level we advised to trade pull backs with stops at 6030 trading levels.

Let us exactly review what we had discussed on the blog yesterday:  “On the downside  NIFTY FUT will find support at 6050-6035 trading levels. This will be a good trading zone to try and check a pull back levels or stops can be placed at these levels in case NIFTY FUT sustains on the higher side”

 NIFTY FUT exactly made an intraday low at 6048 and managed to pull back sharply from there to first cross the TREND DECIDER at 6060 and then the BEARS LAST STAND point at 6090 to make a top just at our swing hurdle of 6120 levels.

So what was the right trade today. Since we discussed a pull back trade would be fine we could had traded a pull back at the TREND DECIDER with stops at 6030 and looking for pull backs to 6090 and then 6120. We went long at the trading levels of 6050 and booked our gains in 6090 though. Although on hindsight some positions could had been carried forward for higher levels.

Today we hit the levels of 6120 and managed a close a shade below that level. Where can markets head from here. Let us analyze it in our next trading session.

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NIFTY FUTURE-29^th   May Trading Guide

NIFTY FUT closed a shade below the trading levels of 6120 and this will form as the immediate hurdle in the trading session. IF we can see a sustained move and trade above the trading level of 6120-25 then we may see more traction on the upside trading levels. The next hurdle above this level lies at 6150 trading levels and if it manages to clear that then we can see a straight dash to 6200  6220 trading zones on the upside.

On the downside , this time around 6090 will form as the key support and more or less the TREND DECIDER for the next session , until NIFTY FUT holds above that trading level we will see a positive bias  and below it we can see a more lack lusture performance than a negative bias.

6050 levels will again form as the crucial support and in case NIFTY FUT breaches that level we can see a change in mid term trend too.

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Trading levels for the day:

POWERTRADE BEARS LAST STAND POINT OF THE DAY ----- 6120-25   sustaining above which it will target 6155,6198
POWERTRADE TREND DECIDER OF THE DAY ------- 6085-90
POWERTRADE BULLS LAST STAND POINT OF THE DAY------- 6050-55
Breakdown and sustaining below POWERTRADE BULLS LAST STAND POINT OF THE DAY will open target for support of ---- 6030,5990