Nifty will retain its Bullish undertone till it holds 5660. Buy on dips for now.
As discussed on Friday, Bulls needed to follow up on their buying to retain their grip on the Nifty. Aided by strong and positive global cues, the Nifty opened with a 51 point gap up and then maitained that gap throughout the trading day. The only blemish for the Bulls was that they were not able to build up on that gap and could not cross that hump in the region of 5730 5750. For today, as long as 5660 is held, the chances of the Bulls crossing that hump in the near future hold good.
1) The Elder Ray readings : Bull Power rises from -10 to +46 Bear Power reduces from -58 to +17, indicating that in one swift move, the Bulls not only have regained their lost territory, but also have got the Bears on the wrong side now. For today, the Bulls need to overcome the levels of 5720 on the Nifty to maintain their upwards momentum, whereas the Bears need to breach the levels of 5660 on the Nifty to regain their lost grounds.
2) The Nifty has closed above all its key EMAs and also above all its key DMAs.
3) The stochastics are in the neutral zone and are pointing upwards.
4) In the above chart, the volumes have remained stagnant with the Nifty forming a Doji, indicative of the equilibrium in the market. The MACD is falling but is showin some signs of recovery, indicating that a fresh Bullish up move may be on the cards. The ADX is suggesting a fast rise in the Bullish momentum and the Parabolic SAR continues with its buy signal.
5) Considering the above, our trading plan for the day is as under.
a) Around 5665 we will open fresh long positions with a SL of 5645 and a target of 5725. We will add to these long positions only above 5745.
b) Around 5735 we will open fresh short positions with a SL of 5745 and a target of 5700. We will add to these short positions only below 5645.
Happy Trading !!!
Also visit Just Nifty and the Nifty Range blogs.
For cash market recommendations see our Daily Pre Market calls on NSE
As discussed on Friday, Bulls needed to follow up on their buying to retain their grip on the Nifty. Aided by strong and positive global cues, the Nifty opened with a 51 point gap up and then maitained that gap throughout the trading day. The only blemish for the Bulls was that they were not able to build up on that gap and could not cross that hump in the region of 5730 5750. For today, as long as 5660 is held, the chances of the Bulls crossing that hump in the near future hold good.
1) The Elder Ray readings : Bull Power rises from -10 to +46 Bear Power reduces from -58 to +17, indicating that in one swift move, the Bulls not only have regained their lost territory, but also have got the Bears on the wrong side now. For today, the Bulls need to overcome the levels of 5720 on the Nifty to maintain their upwards momentum, whereas the Bears need to breach the levels of 5660 on the Nifty to regain their lost grounds.
2) The Nifty has closed above all its key EMAs and also above all its key DMAs.
3) The stochastics are in the neutral zone and are pointing upwards.
4) In the above chart, the volumes have remained stagnant with the Nifty forming a Doji, indicative of the equilibrium in the market. The MACD is falling but is showin some signs of recovery, indicating that a fresh Bullish up move may be on the cards. The ADX is suggesting a fast rise in the Bullish momentum and the Parabolic SAR continues with its buy signal.
5) Considering the above, our trading plan for the day is as under.
a) Around 5665 we will open fresh long positions with a SL of 5645 and a target of 5725. We will add to these long positions only above 5745.
b) Around 5735 we will open fresh short positions with a SL of 5745 and a target of 5700. We will add to these short positions only below 5645.
Happy Trading !!!
Also visit Just Nifty and the Nifty Range blogs.
For cash market recommendations see our Daily Pre Market calls on NSE
No comments:
Post a Comment
Please add your comments here. Comments will be moderated.