Post a big jump last week, the Nifty may continue to move higher. Be Bullish now.
As discussed on Friday, the Nifty soared and actually made a fresh new high while leaving the Bears gasping for breath. The Nifty opened with a positive gap up of about 95 points and kept on marching higher to eventually close at 5578 with a whopping gain of 142 points in one sweeping trading session. Our plan(a) part (b) triggered within the first 15 minutes of trade and we could, by the end of the trading session, book a good profit of 40 points.
1) The Elder Ray readings : Bull Power rises from +94 to +201 Bear Power reduces from +68 to +141 indicating that the Nifty is in solid Bull grip. For today, the Bulls need to take the Nifty over 5620 to maintain their upwards momentum whereas the Bears need to breach the Nifty below 5410 to regain their lost grounds.
2) The Nifty is trading well above all its key EMAs and also well above all its key DMAs.
3) The stochastics are well and deeply into the overbought zone.
4) In the above chart, the volumes have increased hugely with the huge rise on the Nifty indicating that the up move should continue. The MACD also is showing upwards momentum. The ADX is also suggesting increase in momentum for the Bulls. The Parabolic SAR continues to hold out its Buy signal with a SL now pegged at 5309.
5) Considering the above, our trading plan for the day is as under
a) Above 5545 we will open fresh long positions with a SL of 5530 and a target of 5620. We will add to these long positions only above 5635.
b) Around 5625 we will open fresh short positions with a SL of 5635 and a target of 5580. We will add to these short positions only below 5530.
Happy Trading !!!
For cash market recommendations see our Daily Pre Market calls on NSE
As discussed on Friday, the Nifty soared and actually made a fresh new high while leaving the Bears gasping for breath. The Nifty opened with a positive gap up of about 95 points and kept on marching higher to eventually close at 5578 with a whopping gain of 142 points in one sweeping trading session. Our plan(a) part (b) triggered within the first 15 minutes of trade and we could, by the end of the trading session, book a good profit of 40 points.
1) The Elder Ray readings : Bull Power rises from +94 to +201 Bear Power reduces from +68 to +141 indicating that the Nifty is in solid Bull grip. For today, the Bulls need to take the Nifty over 5620 to maintain their upwards momentum whereas the Bears need to breach the Nifty below 5410 to regain their lost grounds.
2) The Nifty is trading well above all its key EMAs and also well above all its key DMAs.
3) The stochastics are well and deeply into the overbought zone.
4) In the above chart, the volumes have increased hugely with the huge rise on the Nifty indicating that the up move should continue. The MACD also is showing upwards momentum. The ADX is also suggesting increase in momentum for the Bulls. The Parabolic SAR continues to hold out its Buy signal with a SL now pegged at 5309.
5) Considering the above, our trading plan for the day is as under
a) Above 5545 we will open fresh long positions with a SL of 5530 and a target of 5620. We will add to these long positions only above 5635.
b) Around 5625 we will open fresh short positions with a SL of 5635 and a target of 5580. We will add to these short positions only below 5530.
Happy Trading !!!
For cash market recommendations see our Daily Pre Market calls on NSE
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