NIFTY FUT marks a failed top. What are the critical retracements levels

NIFTY FUTURE- Review of 20^th  May

NIFTY FUT –  marked a failed top and higher high trading levels of near 6240. We were expecting markets to test the trading levels of 6255 if 6210 was taken out.  But it was an upside beyond that trading levels.

Also on the downside we mentioned that NIFTY FUT will find critical support at yesterday’s lows today markets marked a low just there above 6155-60 trading levels. This was also marked as our BULLS LAST STAND point meaning break of this would had seen another downside. This level managed to hold on for today. This will be keenly watched in the coming session.

We took a pull back trade today above 6210 levels but got hit on that one. Believe some law of averages catching up after an un precedent successful run.

One potential trade today was going short on the break of trend decider (6180-85) and targeting trading levels of the BULLS LAST stand point (6155-60) where markets marked an exact bottom.

Markets just managed to hold on to the 6160 trading levels. This level got survived for today. What are the levels to watch out for in the coming sessions. Read our review for the next session.

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NIFTY FUTURE – 20^th  May Trading Guide

NIFTY FUT  managed to close at 6170 trading levels just managing to hold onto the 6155 trading levels.  This trading level is critical to watch out for the next session.

The trading level of 6140-55 will form as a critical support and supply zone. This level can see some pull backs if markets manage to hold on. IN case NIFTY FUT cracks that trading level we can see a breach to downside levels of 6100-10 on the downside.

In case NIFTY FUT manages to trade and hold above the 6155 trading levels we can see a pull back to upside levels of 6190 trading zones. The levels of 6210 will again form as a crucial hurdle on the upside this time. A clear of this level should ensure that markets test the higher levels of 6240-55 zone again and potentially should see a swing break out as well.

Else I we should expect 6210 to hold on as a resistance in the coming sessions and markets to retrace to lower levels . The lower levels on swing basis to watch out for are 6110, 6080 and 6040 trading levels.

Trading levels for the day:

POWERTRADE BEARS LAST STAND POINT OF THE DAY ----- 6200-6210   sustaining above which it will target 6240,6290
POWERTRADE TREND DECIDER OF THE DAY ------- 6180-85
POWERTRADE BULLS LAST STAND POINT OF THE DAY------- 6140-45
Breakdown and sustaining below POWERTRADE BULLS LAST STAND POINT OF THE DAY will open target for support of ---- 6110,6080