NIFTY 02-May-Plan for the coming sessions

2 Mei 2016

Market Bytes 02-May-2016
Nifty futures: NIFTY Futures played to the script on Friday, we had discussed that the base now remains at 7830-50 range and upside hurdle is at 7920-30 zones . Markets respected the base and managed to pull back and and made a high below 7920. The script for the coming session remains the same; look to take a breakout trade above 7950 and a breakdown below 7830 on the downside. Within this range we better play a pullback specially from the tops.
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3 Mei 2016

Catatan

Market Bytes 03-May-2016
Nifty futures: NIFTY Futures continue to respect the support band near 7830 that we had mentioned quite a few times. A clear of 7850 range this time should propel it to 7920-30 zones. on the downside a sliop below this zone so far is not giving a clear signal. we had a bottom at 7790 below that the gap filling a and retracements levels of 7755-7735 can be attempted. that is the range the intraday trades have to be played for. A good swing opportunity can be once a base is confirmed and if NIFTY manages to move above 7850 zones and holds for a while.
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4 Mei 2016

Catatan

Market Bytes 04-May-2016
Nifty futures: NIFTY Futures had quite a roller coaster session, first we saw a breakout of the 7850 zones in opening minutes and we managed to test 7930 very soon. Then the markets failed to hold to 7930 barring a spike high. On the downside once 7830 was cracked NIFTY provided a good downside set up to nearly test the support base of 7755 levels. This has to be watched keenly. we had mentioned a few sessions back that the bearish formation has been established and gap filling is possible, this exactly played out. On the downside a crack of 7755 it is a potential candidate to test 7705 levels.
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5 Mei 2016

Catatan

Market Bytes 05-May-2016
Nifty futures: NIFTY Futures had been in a downward spiral and the fact that it failed to clear 7930 two sessions ago intensified the selling. Today and on previous close markets have marked an interesting low just around 7725 levels. This gives a potential opportunity for intraday trades to take a low risk entry to test the 7780-90 zones on the upside. On a swing basis any top near to 7900 levels can be shorted with SL above 7930 odd levels.
Also do note that this year markets globally have displayed a remarkably good corellation with crude oil prices. Crude cracked in past few sessions and had a serious gap up today. In all respect probably there is a small upside intraday play today; while swing upside remains weak until 7930 is cleared.
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6 Mei 2016

Catatan

Market Bytes 06-May-2016
Nifty futures: Yesterday we tested with an in market update for the markets bytes edition. I thought yesterday provided a good base for that kind of update as volatility was limited in opening sessions. This worked very well though. The plan that we laid out yesterday was to look for long side trades , in case previous sessions lows hold tight. we also mentioned a possibility for an upside keping crude correlations in view. Boy did that work out to be a good trade,it proved a neat intraday trade.
Coming to today's session, 7850 and 7930 will continue to hold swing hurdles. The test of the upside will be whether we attempt to move and hold above 7850 levels in todays session. Few sessions back we mentioned that gap filling is possible and that gap got filled in previous two sessions. Hence on the downside too 7705 holds a key base as well.
Keeping both of these levels in view it looks like that the range band of 7700-7900 is something we will have to deal with in the coming sessions and expect the next leg of move only when one of these levels are breached. Till then it will be prudent to test pullbacks within this range.
#nifty #nseindia #sensex #stock