Market Bytes 01-Mar-2016
Nifty Futures: Quite an action packed session which no significant net change. justifying our thesis that the net change isnt much. NIFTY closed at less than 1% net change. Another key takeaway is that we had stated multiple times (Our post for 12th Feb-2016) that we see a market base at 6830. Yesterday the spike low made was at 6833 , almost exact levels isnt it? Could we trade that; well not much of it as we booked it a tad earlier this time around.
But we did take a good stab on the pull back trade once we were comfortable that the base looks set for the day.
The range formed yesterday specially the zone of 6960-7130 is going to be a range where markets will tend to be choppy indicating we may have some testing times ahead in the near term session. Idea will be to trade pull backs within this range and trade a breakout of this range. That is try and take longs with 6950 SL and try and take short from higher levels with 7130 SL and reversals above. I have posted an hourly charts at twitter.com/powertrades
#nifty #nseindia #sensex #niftyfutures #budget2016
Nifty Futures: Quite an action packed session which no significant net change. justifying our thesis that the net change isnt much. NIFTY closed at less than 1% net change. Another key takeaway is that we had stated multiple times (Our post for 12th Feb-2016) that we see a market base at 6830. Yesterday the spike low made was at 6833 , almost exact levels isnt it? Could we trade that; well not much of it as we booked it a tad earlier this time around.
But we did take a good stab on the pull back trade once we were comfortable that the base looks set for the day.
The range formed yesterday specially the zone of 6960-7130 is going to be a range where markets will tend to be choppy indicating we may have some testing times ahead in the near term session. Idea will be to trade pull backs within this range and trade a breakout of this range. That is try and take longs with 6950 SL and try and take short from higher levels with 7130 SL and reversals above. I have posted an hourly charts at twitter.com/powertrades
#nifty #nseindia #sensex #niftyfutures #budget2016
