Nifty Future Trade Plan-24 Feb

NSE_EOD:NIFTY   Nifty 50 Index
85 1 2
Market Bytes 24-Feb-2016

Nifty             Futures: It was quite a session yesterday, first part of it worked fine, where we wanted to trade the break outside the range created on the 23rd. This provided a good short opportunity. Now what went wrong is we wanted to trade a pull back from the 7160-65 levels expecting to be respected which gave away soon enough. Now for the coming sessions we are back to the zones of yesterday. Nifty             Future now holds resistance at 7130-35 zone. any long should be on a clear of this levels and based on a set up a short can be taken with this level as a resistance. Downside support and base is now at 7065 levels.we will have to see if the levels are tested.Strong swing supports exist at 7000-30 levels. If these levels are indeed tested or broken in coming sessions we should see a retest of the markets lows then.
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Comment: Market Bytes 25-Feb-2016

Nifty Futures: Yesterday's session was quite interesting, if you go by the book it was near perfect, but only if things are always perfect. Markets opened weak, fell to test 7065 and then the supply zones of 7030, pulled back nearly exactly to previous sessions lows and again fell from there to close below the crucial 7030 range. Now whats up for the next session. Given that this is expiry day if we go by proabilities; will be surprised if markets manage to close below 7000. Best bet in the coming session is to trade pretty much within yesterday's zone; that is not cross way above 7100 or 7130 or neither close below 7000. if either of that happens I would be tempted trade for some volatile action on either side.
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Comment: Market Bytes 26-Feb-2016
Nifty Futures: NIFTY future had quite a weak closing for the Feb series. The fact that once we breached 7030 levels we couldnt really recover much above it and closed near the lows of the day. Now for the coming session first swing take away is to see if thsi breach is a failed breakdown or do we continue to go downwards, if this is a failed breakdown it will mean we have a higher low on long term charts and we could be heading our way back to the higher levels. Important is to see if we trade and close above 7030 on a closing basis and if we go on test and clear 7085 on an intraday basis. These points will be a good trade opportunity for contrarian traders. similiary if it holds and trades above 7030 we can consider a low risk intra long to test the levels of 7070-85
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