NIFTY Future respects 7850- unfilled gaps remain too
Market Bytes 27-Apr-2016
Nifty futures: NIFTY Futures formed a perfect technical case of a double bottom set up and pull back. We had time and again emphasized that 7850 holds a support range and is the key. Once that level was sustained for the second time we saw a massive pull back. Yesterday's pull back in the late hours was witnessed with high volumes with significant lonside rollovers to the next month futures. This also included lot of short covering positions.
Few days back we mentioned that the upside probably has some steam left to test the 8150 levels as well; so far it looks on course for it.
Coming to near term trading for next two days considering expiry; immediate hurdle lies at 8030 zones. This is something that is likely to be respected for this series. In case its taken out we can see another round of dash to the 8100 zones. Until that happens we could markets to trade between the 7920-8020 range and take contrarian trades within this range.New swing positions can further be added in dips to 7930 or in a clear break out of the 8035 range.
An interesting point to note NIFTY turns positive for the YTD on a closing basis :)
#nifty #nseindia #sensex #stock
Nifty futures: NIFTY Futures formed a perfect technical case of a double bottom set up and pull back. We had time and again emphasized that 7850 holds a support range and is the key. Once that level was sustained for the second time we saw a massive pull back. Yesterday's pull back in the late hours was witnessed with high volumes with significant lonside rollovers to the next month futures. This also included lot of short covering positions.
Few days back we mentioned that the upside probably has some steam left to test the 8150 levels as well; so far it looks on course for it.
Coming to near term trading for next two days considering expiry; immediate hurdle lies at 8030 zones. This is something that is likely to be respected for this series. In case its taken out we can see another round of dash to the 8100 zones. Until that happens we could markets to trade between the 7920-8020 range and take contrarian trades within this range.New swing positions can further be added in dips to 7930 or in a clear break out of the 8035 range.
An interesting point to note NIFTY turns positive for the YTD on a closing basis :)
#nifty #nseindia #sensex #stock
Nota
Market Bytes 29-Apr-2016Nifty futures: NIFTY Futures formed a significantly bearish technical top on the charts yesterday; mostly played out because of the glbal amrkets and traders reaction to the markets. The fact that we made a top at a crucial levels, makes this a stronger case. On the 27th we wrote that hurdle remains at 8030 ( Yesterday NIFTY F2 made a high exactly there- given that it was around expiry , F2 had a more signficant play). Now we have a immediate downside support base at 7830-50 zones. This has to be watched keenly for overnight shorts if any. In case these levels hold there is a pull back opportunity and if this level breaks we can go on to fill the gap that we mentioned few sessions back. That target remains at 7750 range. Today's chart will be important from a point of view of long term swing play as well
#nifty #nseindia #sensex #stock
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