Nifty 50 IndexUpdated NIFTY on verge of an Interesting Setup
Market Bytes 07-Apr-2016
Nifty futures yesterday we had discussed a narrow trading range between 7600 and 7650 and markets did exactly hover between that range (Low High: 50 points of each other). In that perspective the high low of yesterday becomes more imperative. Specifically on the downside we have a major support zone at 7600 levels. This was also the failed breakout top markets created on 02nd Jan before the fall. If that level cracks we can see a re test of 7430 and 7250 ( this was an unfilled gap in the up move) in coming weeks.
At the same time in case we happen to move ahead above 7650-80 range it can be a good trade set up for a low risk swing trade on the upside. Do note witht eh earnings season coming up, that may well set the tone. One thing that is a word of caution for the bears is that the VIX is still within 18 and has not managed to breakout. That can serve an additional confirmation for shots in case 7600 breaks.
For day trading near term opportunity can be scalping for contrarian trades. ( which I managed a few successful one yesterday :) ) within the given range. Menawhile its prudent to wait for a conclusive move outside the range.
#nifty #nseindia #sensex #stock
Nifty futures yesterday we had discussed a narrow trading range between 7600 and 7650 and markets did exactly hover between that range (Low High: 50 points of each other). In that perspective the high low of yesterday becomes more imperative. Specifically on the downside we have a major support zone at 7600 levels. This was also the failed breakout top markets created on 02nd Jan before the fall. If that level cracks we can see a re test of 7430 and 7250 ( this was an unfilled gap in the up move) in coming weeks.
At the same time in case we happen to move ahead above 7650-80 range it can be a good trade set up for a low risk swing trade on the upside. Do note witht eh earnings season coming up, that may well set the tone. One thing that is a word of caution for the bears is that the VIX is still within 18 and has not managed to breakout. That can serve an additional confirmation for shots in case 7600 breaks.
For day trading near term opportunity can be scalping for contrarian trades. ( which I managed a few successful one yesterday :) ) within the given range. Menawhile its prudent to wait for a conclusive move outside the range.
#nifty #nseindia #sensex #stock
Note
Market Bytes 08-Apr-2016Nifty futures we provided a broad outlook yesterday (fb.me/7PMzMFO9V) for near term swing opportunities. Yesterday we did mention that 7650 is a resistance and markets failed to test that level in the pullback. The failed attempted resulted in break and close below 7600 levels. 7650 will continue to be the swing and near term trading hurdle. On the downside 7540 and 7510 are the near term targets for downside players. Swing targets remain intact.
#nifty #nseindia #sensex #stock
Note
Market Bytes 11-Apr-2016Nifty futures Friday's session proved to be perfect for the swing targets, ( we mentioned a target of 7540); this was tested in the opening minutes and respected for the rest of the day. If you ignore the first hour the rest of the day traded within a 40 points range. This is inline with our plan that markets will hover around a range. Three key points for teh coming sessions. 1. Expect a new swing to emerge only if 7530 on the downside and 7650 on the upside. 2. Markets have a truncated week for this one and the next Market Bytes 11-Apr-2016
Nifty futures Friday's session proved to be perfect for the swing targets, ( we mentioned a target of 7540); this was tested in the opening minutes and respected for the rest of the day. If you ignore the first hour the rest of the day traded within a 40 points range. This is inline with our plan that markets will hover around a range. Three key points for teh coming sessions. 1. Expect a new swing to emerge only if 7530 on the downside and 7650 on the upside. 2. Markets have a truncated week for this one and the next one. Hence markets may further be interested not to show any particular movements at elast until results. But broadly the plan is to again look for contrarian trades within this range for short term trading and look for a breakdown/out trade outside the range.
#nifty #nseindia #sensex #stock
Note
Market Bytes 12-Apr-2016Nifty futures it doesnt get better than this in terms of retracement from the levels- Does it? We discussed yesterday to trade retracements from the range of 7530 and 7650 levels. Yesterday markets tested out supply zones and made a low just arund 7530 and from their we saw a vertical pull back all the way. So how to trade this? Once the respect from support zones was confirmed , a pullback long was initiated near 7550 levels. This was traded till 7630 zones. where again a contrarian short was created with reversals above 7650 which was again traded all the way till 7700.
Now what is in it for today? We have a confirmed close above 7650. Now the range of 7630 will be a swing support for upside tests of 7750 zones. Idea will be to look for either a pullback trade or a breakout trade on the upside until 7630 holds proably near 7650 zones.
#nifty #nseindia #sensex #stock
Note
Market Bytes 13-Apr-2016Nifty futures Yesterday turned out to be a pretty straight forward day for the traders. We had discussed a support of 7630-50 range which never got tested for us and markets managed to pull back to nearly test the target range of 7750. It managed a close below it but now we also have a higher base near 7680 for immediate stops.
On the upside 7750 is a key hurdle and if we manage to trade and hold above it we are in for a possibility to test the 7850 range. This will be an interesting level to watch in near term; if we do test it. It can prove to be a great contrarian opportunity; alternatively a break out can propel markets to 8075 levels.
Anyway thats a discussion probably for some other day.
For today keep it simple and see if we manage to hold and trade above 7750 then targets upto 7830-50 range.Do note that the downside risk of fresh intraday longs is little higher at this stage. For intraday positions we need to see an intraday supply zone. Do note that we have two holidays on the trot so expect traders who created positions both on short and long side to unwind some of the positions.
#nifty #nseindia #sensex #stock
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.