NIFTY Trade Plan- Week 02-Feb-2016

NSE_EOD:NIFTY   Nifty 50 Index
Market Bytes 01-Feb-2016

Nifty             Futures: Quite a bounce in the start of the new series here and at a good pace. The bounce happened on well spread out volumes indicates a good support base can be established. For last session we had mentioned that 7400-7420 can be the immediate support base for a pull back. On friday markets made a low at 7404 and sharply pulled back. NIFTY             Futures closed above the strong hurdles of 7530 and that can form as a immediate base for considering immediate longs. On the upside 7620 is the next immediate hurdle a break out above it can prove another trading opportunity also if that level holds it can provide a low risk contrarian trades with stops above 7650 odd levels.
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Comment: Market Bytes 02-Feb-2016

Nifty Futures: Monday marked a pause in the up move. Two key take aways for us for the next session. Yesterday we discussed that 7620 is a swing hurdle and can provide a breakout or a low risk short opportuniy. That got respected and markets turned around after making a high of 7607. This was a pretty low risk entry for lot of the traders below 7600. 7560 now is a immediate base to watch out for. Trading below it we can further see some downsides. But this time around shorts have to be equally swift and cautious until the Trend that emergeed on Friday holds good. 7500-10 is a downside target and below that 7450 odd zones. Both of these levels can provide a base for long players in case they get tested. So watch out for price action around them and trading plan for us on either upside or downside is to look for contrarian/pull back trades until the zones of until the range of 7450-7650 is not breached.
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Comment: Market Bytes 04-Feb-2016

Nifty Futures: For the past few sessions we had discussed a trading range of 7450-7650. Yesterday was a situation where markets gapped down below the range. The pull back high was also recorded below that level at 7433 levels. This confirmed the failure to take out the levels and hence provided a decision to look for downside trades. We also did mention downside targets of 7380 and 7310 .NIFTY future went on to make a low of 7375 levels. For the coming session now swing hurdles will remain at 7450. A move above that can see some short covering and pullbacks. Intraday trend decider is 7400-10 levels for any intraday positions. Will be a situation to look for a pullback trade on bounce provided 7450 is respected. On the upside a potential long position above that with stops below 7400 for targets of 7430 odd levels.
#nifty #nseindia #sensex #trading #intraday #shares
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