As the Nifty continues its Bullish Consolidation, the uptrend seems to be intact.
As discussed yesterday, the Bulls continued their strong hold on the Nifty in a narrow ranged trading session, where the Nifty opened with a minor gap up and closed even higher than that opening mark, thus maintaining the up trend. During the past few trading sessions, the Nifty has been inching up slowly but steadily, and we expect this trend to continue as of now.
1) The Elder Ray readings : Bull Power rises from +115 to +117 Bear Power reduces from +86 to +90, indicating the solid Bull grip that exists over the Nifty. For today, the Bulls need to take the Nifty above 5760 to maintain their upwards momentum whereas the Bears need to take the Nifty below 5645 to regain their lost grounds.
2) The Nifty yet again closed above all its key EMAs and also above all its key DMAs.
3) The stochastics are still in the overbought zone, confirming the up trend.
4) In the above chart, the volumes have increased with the rise in the Nifty confirming that the up move is sustainable. The MACD continues to rise with the Histogram remaining in the positive terrain. The ADX is also suggesting a strengthening of the up move, and the Parabolic SAR continues with its buy signal with the SL now pegged at 5674.
5) Considering the above, our trading plan for the day is as under.
a) Around 5700 we will open fresh long positions with a SL of 5680 and a target of 5765. We will add to these long positions only above 5780.
b) Around 5770 we will open fresh short positions with a SL of 5780 and a target of 5730. We will add to these short positions only below 5675.
Happy Trading !!!
Also visit the JustNifty and the NiftyRange blogs for more view points on the Nifty.
For cash market recommendations see our Daily Pre Market calls on NSE
As discussed yesterday, the Bulls continued their strong hold on the Nifty in a narrow ranged trading session, where the Nifty opened with a minor gap up and closed even higher than that opening mark, thus maintaining the up trend. During the past few trading sessions, the Nifty has been inching up slowly but steadily, and we expect this trend to continue as of now.
1) The Elder Ray readings : Bull Power rises from +115 to +117 Bear Power reduces from +86 to +90, indicating the solid Bull grip that exists over the Nifty. For today, the Bulls need to take the Nifty above 5760 to maintain their upwards momentum whereas the Bears need to take the Nifty below 5645 to regain their lost grounds.
2) The Nifty yet again closed above all its key EMAs and also above all its key DMAs.
3) The stochastics are still in the overbought zone, confirming the up trend.
4) In the above chart, the volumes have increased with the rise in the Nifty confirming that the up move is sustainable. The MACD continues to rise with the Histogram remaining in the positive terrain. The ADX is also suggesting a strengthening of the up move, and the Parabolic SAR continues with its buy signal with the SL now pegged at 5674.
5) Considering the above, our trading plan for the day is as under.
a) Around 5700 we will open fresh long positions with a SL of 5680 and a target of 5765. We will add to these long positions only above 5780.
b) Around 5770 we will open fresh short positions with a SL of 5780 and a target of 5730. We will add to these short positions only below 5675.
Happy Trading !!!
Also visit the JustNifty and the NiftyRange blogs for more view points on the Nifty.
For cash market recommendations see our Daily Pre Market calls on NSE
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