NIFTY 09-Mar- What's can be the Next key level?
Market Bytes 09-Mar-2016
Nifty Futures: Yesterday we discussed that markets had rallied too much too soon and needed a pause. The Trading range being 7550-7430. WE saw a berach of 7430 and then markets managed to pullback and close above it.I found it difficult putting together a trading plan yesterday as I was not convinced on how deep will be the retracement to take a pullback trade. Fortunately yesterday's range now provide an indication. I would say if we hold 7430 levels look for a pullback trade on the upside. Below that range the range of 7365-80 can be tested. Overall 7280-7300 provides a great swing support and somewhere near that range is where swing pullback longs can be re initiated. Lets watch out for the range if we see it tested. Else a break above 7550. The strength of the rally will indeed be decided on how deep will be the retracement.
#nifty #nseindia #sensex #stock
Nifty Futures: Yesterday we discussed that markets had rallied too much too soon and needed a pause. The Trading range being 7550-7430. WE saw a berach of 7430 and then markets managed to pullback and close above it.I found it difficult putting together a trading plan yesterday as I was not convinced on how deep will be the retracement to take a pullback trade. Fortunately yesterday's range now provide an indication. I would say if we hold 7430 levels look for a pullback trade on the upside. Below that range the range of 7365-80 can be tested. Overall 7280-7300 provides a great swing support and somewhere near that range is where swing pullback longs can be re initiated. Lets watch out for the range if we see it tested. Else a break above 7550. The strength of the rally will indeed be decided on how deep will be the retracement.
#nifty #nseindia #sensex #stock
Comment:
Market Bytes 11-Mar-2016
Nifty Futures: Few sessions back we discussed that the markets may stay in a broader range and this has been the case for the past couple of sessions. The more time we spend within this zone the likely it becomes for a break on either side for the next leg of the move. We had a divergence from the mean levels way to fast and this has to consolidate either by spending more time in the zone or some sort of correction. As we discussed the key will be to see the retracement which gets tested. In the near term now the range of 7430 on the downside and 7510 on the upside will be the key. We might get a pull back opportunity within this range or a breakout outside this zone.
#nifty #nseindia #sensex #stock
Nifty Futures: Few sessions back we discussed that the markets may stay in a broader range and this has been the case for the past couple of sessions. The more time we spend within this zone the likely it becomes for a break on either side for the next leg of the move. We had a divergence from the mean levels way to fast and this has to consolidate either by spending more time in the zone or some sort of correction. As we discussed the key will be to see the retracement which gets tested. In the near term now the range of 7430 on the downside and 7510 on the upside will be the key. We might get a pull back opportunity within this range or a breakout outside this zone.
#nifty #nseindia #sensex #stock
Nifty Futures:Yesterday the plan was clear , that is "if 7430 holds look for a pullback trade on the upside". This is what we exactly saw the markets doing.NIFTY managed to that level, which is now a strong base. NIFTY rallied to our targets zones making a top below 7550. For markets to rally further it will be important to see if we move above yesterday close/above 7550. On the downside the upside momentum will remain valid until we trade above 7480. So any pull backs to 7480 should be a candidate for long trade , else low risk contrarian shorts can be fancied. Where can we go from here. We can go and fill in a previous gap at 7730 levels and beyond that 7820 range.
#nifty #nseindia #sensex #stock