PowerTrades
Long

Nifty Week 4 Apr-7650-80 is it a base?

NSE_EOD:NIFTY   NIFTY 50
8 months ago
Market Bytes 04-Apr-2016
Nifty             futures has been holding up strong since it cleared the 7680 , the fact that it made higher bottoms twice and didnt breach the range means that market momoentum is strong and the base of 7680-7700 will provide a strong immediate support and will be a good point of reference for longs even at this stage. Immediate intra day trend decider could be the congestion zone of 7750 range. Above this could mean a more positive strength. On the upside trading targets for swing trades can be 7785 and 7835 levels.
#nifty #nseindia #sensex #stock
8 months ago
Comment: Market Bytes 05-Apr-2016
Nifty futures we had discussed that 7680-7700 is a potential base for an upside oportunity. yesterday NIFTY futures made a low at 7704 and managed to pull back. The only concern was that it pretty much closed in the trend decider levels of 7750 which was neither cleared nor broken. With today being a credit policy day and the fact that we are at a crucial market juncture , this could turn out to be interesting. I would say we trade a break out outside the 7780 range on the upside or a breakdown below the 7680 range on the downside based on the price action post the credit policy. Anything within this range can be traded for a pull back trade on either side. For BankNifty the crucial base remains at 16050 levels.
#nifty #nseindia #sensex #stock
8 months ago
Trade closed: stop reached: Market Bytes 06-Apr-2016
Nifty futures provided two distinct trade opportunities for the trade set up I was looking at , One as a long near 7720-30 zones with stops below 7700 for a long side trade. Then a short on break of the base of 7680 , which provided a clear trade mostly thanks to the market reaction on the rate cut. While I think the rate cut and vibes are positive overall, may be markets were expecting way too much. Idea is to take your chances as per the plan and stick to the trade plan when the levels do come. 7600 will be a near term support also 7650-80 will be a hurdle on the upside. A new trade set up should emerge once this range breaks on either side. Between this zone idea will be to attempt a contrarian trade on either side.
#nifty #nseindia #sensex #stock
AMBRISH
8 months ago
Thanks.
Reply
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