NIFTY Futures: Just yesterday we discussed that 7850 continues be the achillies for NIFTY and until convincingly taken out we are not going to see aconclusive breakout. On the downside we discussed a break of 7820 can provide a low risk trade and what a trade it was , a trade which yielded nearly 80-100 points with a 30-40 points risk. now that NIFTY has breached 7800, 7780-7800 range will be the trend decider. If markets sustain above it expect a reversal in trends.Below it markets will continue to trade in the direction that has emerged today. 7850 will be a tough swing hurdle going forward. A break above it will only signal a resumption for the bulls
Comment:
Nifty Futures: Seemed to have a more stronger day than the Banknifty futures, this is owing to a strong pull back Reliance charts. NiFTY futures is back to teasing the 7850 zones. A move above 7850 will push it higher to test the 8030-60 zones in the coming sessions. on the downside again contrarian shorts can be taken once NIFTY futures manages to sustain below the 7820-7800 zones. apart from that its pretty much a non action zones. I did rather wait for one of these levels to be taken out and intiate a trade.
