Nifty 50 IndexUpdated Nifty Futures -29 Mar-Staring at another consolidation
Market Bytes 29-Mar-2016
Nifty futures Last time we discussed on 22nd that the swing trend decider was 7680. This level got breached in yesterday's trade and now will hold a signficant swing resistance.On the downside immediate day trading support remains at 7620. If the markets manage to hold these levels. then expect markets to trade in a range between 7620-80 levels. Best case in this scenario will be to look for pullback trades within this trading range. On the downside a break below 7620 could give a trading opportunity to test the 7580 range. This was the consolidation breakout range.where we created the swing longs (check the posts from 12-18th March). Would expect markets to hold on to this zone for this series atleast.
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Market Bytes 30-Mar-2016Nifty futures so what did we have for trading. we did did discuss that markets may stay pretty much within a range and this was best personified with a near inside day candle. COnsidering the fact that 7580 did get respected and also 7680 on the upside( high made 7574.90), this spanned out to be a scalpers day in true spirit. The trading plan for the coming sessions pretty much remains the same. No new plan of action for trend based trades until 7580 on the downside and 7680 on the upside are breached conclusively. rather it may actualy provide some quick reversal opportunities just like the last session. Lap it up against the trend with low risk entries near extremes. Idea will be to look for low time frame reversal patterns near the support or resistance zones
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Market Bytes 31-Mar-2016Nifty futures provided an opportunity to trade contrarian in the morning, which didnt travel much deep and retraced from the 7650 zones. Once it cleared the hurdle zone of 7680; markets did display a remarkable momentum to take it further up just shy of a hurdle range of 7750. Given that we have expiry today the price action range is 7680-7750. 7680-7700 is likely to provide a support base as of now. so either we either look for a range clear of 7750 or look for dips to 7700 range to try and pick a long trade with shorts and reversals below 7680 range. Dont expect much of technical price action on expiry day , keep it safe and simple.
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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.