Nifty Futures: Wow, These are some of the days where markets change swing trends in a session and suddenly we are talking about different swing levels and trading zones. Yesterday's trade turned out to be quite straight forward and hopefully a good one for most; we marked to long above breakout 7130.On 22nd Feb we marked pivotal levels of 7230 and this was definitely the target for the trades. Almost doing the first swing hurdle in a single session.
Next up; markets have a next swing high at 7350 levels. Question is if we open and trade above it; it will still be a risky fresh long.comfort zone will be to see retracements till 7270-80 zones. But it all depends on the price action and the momentum. On the upside strong swing hurdles come at 7430-50 range. This is where i expect the rally to be challenged. If that level is reached we can have a sweet contrarian opportunities there. Till then ride the trend ; Dont jump in for a contrarian trade. Wait for it to cool off. Our swing long as planned yesterday got active above 7130 and booked part as well near 7220.
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Nifty Futures: pretty much a strong follow up session where we made a gap up and managed to stay put. The stength was evident once we didnt even go on to tst 7285 levels. This is the immediate swing base now. For fresh entries the risk reward is screwed and i'm more of a prponanant of mid term mean reversals after strong moves. Ideas is to identify retracement levels in the next few sessions and be prepared to chance an entry. On the immediate upside 7430 is a hurdle . If we manage to test it and stay above it we can be in for another run. The markets follow up strength will be determined how markets behave at 7430 levels.
Whether we do that in the first attempt or in a follow up if we test is what as traders we have to plan for. The upsides beyond these are the 7550-7600 levels.
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Nifty Futures: Not much of a change in plan or position from yesterday since last session. What was an important take away from the previous session is that we managed to test 7430 and close above it. This will be an immediate trend decider level for the swing and intraday players both. On the swing side as long as we manage to hold and trade above it we are on course for the levels of 7550-7600 levels. That is the swing top which will now be the key for the enxt course of the markets. NExt week it will also be important to study the key retracements of this move and plan an action around those zones. The best part of this week was of course that we wrote on 12-Feb (http://tinyurl.com/z97rn5k) that markets have a base at 6830. NIFTY Futures made a low at 6833 and is now 600+ points up from those levels.
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Nifty Futures: We had discussed that NIFTY Futures has a resistance at 7550 zones and 7430 is a swing base on the downside. The fact that we have rallied so much so soon , we may well spend time within this zone before the next move. For the quick scalpers there may be some opportunity to trade pull backs with stops at 7550 levels. For our swing trades best course will be to see some pullbacks and trade when 7430 offers a reasonable risk reward or a breakout of 7550 levels.
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