NIFTY Trade plan Week-19 Jan

a year ago
Nifty             Futures: On the note for 13th we had discussed that 7440 and 7350 are downside swing targets. Both The targets are done. This will be a key zone to watch out for now. Further shorts if any has to be taken with caution. Best would be to rather wait for pull backs. 7580 and 7700 are the upside hurdle zones and trades can be taken at those levels based on price action. On the downside a sustained move below will call for fresh shorts. ALso for the contrarian i beleive this is the first contrarian opportunity for trading a pull back in these zones. On the downside strong swing supports are at 7100 levels.
a year ago
Comment: Nifty Futures: Yesterday we observed that this could be the first contrarian opportunity for the traders. DIscussed that this isnt the apt point for shorts but to wait for pull backs. Markets did indeed play in that direction. For the coming sessions keeping a gap down aside. 7410-20 will be the key zone to watch out. If NIFTY manages to trade below that , this levels can be used as a stop for shorts. But at the same time it will be critical to see if 7350 breaches.
IF that happens 7150 levels will be available to be tested for swing players. So there are tw trade opportunities. If 7350 holds look for a low risk contrarian longs to test 7400-20 zones. On the downside if 7350 breaks look for short swing trades with stops in the zones of 7420-50 range.
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