NIFTY Trade plan week 11 Jan 2016

NSE_EOD:NIFTY   Nifty 50 Index
Nifty             Futures: NIFTY             while it managed to hold on to to the 7580 levels and staged some sort of a pull back, weak global cues will mean we may now crack that level and open below it. It will be importanat to see if NIFTY             futures manages to stay and trade below 7550 in that can the levels of 7580-50 now can be used as a stop for a fresh trade on the downside with targets of 7440 and 7280 on the downside. on the upside if it manages to hold 7550 then a low risk pull back can be initiated.
Comment: Nifty Futures: NIFTY just closed near the trend decider zones of 7550-80. How it plays around this range will decide the trade for the coming sessions. Above this range NIFTY may test 7640 and a break above that can signal the resumption of the up trend. On the downside below 7550 markets can go on to test the levels of 7440 and 7320 on the downside. I will be more comfortable to take the trade and a swing long above 7640 can be taken. between the trade we will have to play some quick scalping trades.
Comment: Nifty Futures: Yesterday was one of the near perfect tradeing days for intraday or short term players. Why I say so is because 1. markets opened near flat so the initial trade risk was limited and then the movement was smooth and gradual without much spikes. We had discussed that the 7580 was the trend decider and once the markets slid below that the downside trade was on. It did test 7500 on the downside. For the coming session again the zone of 7580 will be the key. sustainance and trade above it can test 7620-40 levels. If markets take that out then the near term long swing may emerge out.
On the downside if NIFTY manages to move below 7550, short trades can be continued for lower targets. I would exit my positions above 7590 odd levels and take a scalping long around that levels based on price action, else wait for a top confirmation to resume the short trade.

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Comment: Nifty Futures: Was quite a roller coaster of a day yesterday. Markets had respected the levels of 7590 both in the previous sessions and even in the pull backs yesterday. Yesterday we were clear on the trend decider and decided to short below 7550 which did the downside targets of 7440 on the downside. Post that we got stopped out on the trailing levels. Again 7550 will be the trend decider more from a stoploss persective in case of a gap down. But gaps do increase trading risk so we need to stay cautious with the lot sizes. downside targets remain as 7440 and 7350 levels. On the upside 7550-60 will the trend decider and if we manage to surface above it we can still test 7620 odd levls. 7640 will signal swing reversals.
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Comment: Nifty Futures: For yesterday we discussed that on the downside 7440 is a potential downside target. NIFTY future made a low of 7454 and pulled back. was quite close indeed but I was trailing it and got stopped out at 7480 odd levels. on the upside we mentioned that abvoe 7550 it can test near 7620, this gave a fantastic trade opportunity where NIFTY futures went on to make a high of 7617. For the coming session my take is that the range of 7490-7580 will be a no trade zone and doesnt indicate any direction. A break out or a break down trade will be possible outside this zone. On the upside 7620-40 still remains an hurdle and and similarly 7440 a downside target.
Good Strategy.
thanks sir, the set up was rewarding as well
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