The Nifty evades a major fall in spite of weak global cues. Bullish up trend on.
As discussed yesterday, it was a litmus test for the Bulls owing to very weak global cues. The Nifty opened with a whopping 50 point gap down, yet never really traded below the opening mark and closed at 5739 recovering 30 points of the loss by the end of the trading session. Our plan (a) triggered on the up side and we could book a mild profit of 25 points during that trade.
1) The Elder Ray readings : Bull Power reduces from +87 to +47 Bear Power rises from +21 to -3 indicating that the Bears have now regained their territory and must work hard to retain that with them. For today the Bulls need to overcome the levels of 5755 to maintain their upwards momentum whereas the Bears need to breach the levels of 5695 to maintain their downwards momentum.
2) The Nifty has yet again closed above all its key EMAs and also above all its key DMAs.
3) The stochastics are in the overbought zone and are pointing downwards now.
4) In the above chart the volumes have increased indicating that there is buying interest at lower levels on the Nifty. The MACD continues to indicate a upward move with the Histogram now coming back to the positive zone. The ADX is suggesting some loss of momentum for the up move but still favors the bulls. The Parabolic SAR continues with its buy signal.
5) Considering the above our trading plan for the day is as under.
a) Around 5710 we will open fresh long positions with a SL of 5690 and a target of 5760. We will add to these long positions only above 5785.
b) Around 5775 we will open fresh short positions with a SL of 5785 and a target of 5730. We will add to these short positions only below 5690.
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 yesterday, it was a litmus test for the Bulls owing to very weak global cues. The Nifty opened with a whopping 50 point gap down, yet never really traded below the opening mark and closed at 5739 recovering 30 points of the loss by the end of the trading session. Our plan (a) triggered on the up side and we could book a mild profit of 25 points during that trade.
1) The Elder Ray readings : Bull Power reduces from +87 to +47 Bear Power rises from +21 to -3 indicating that the Bears have now regained their territory and must work hard to retain that with them. For today the Bulls need to overcome the levels of 5755 to maintain their upwards momentum whereas the Bears need to breach the levels of 5695 to maintain their downwards momentum.
2) The Nifty has yet again closed above all its key EMAs and also above all its key DMAs.
3) The stochastics are in the overbought zone and are pointing downwards now.
4) In the above chart the volumes have increased indicating that there is buying interest at lower levels on the Nifty. The MACD continues to indicate a upward move with the Histogram now coming back to the positive zone. The ADX is suggesting some loss of momentum for the up move but still favors the bulls. The Parabolic SAR continues with its buy signal.
5) Considering the above our trading plan for the day is as under.
a) Around 5710 we will open fresh long positions with a SL of 5690 and a target of 5760. We will add to these long positions only above 5785.
b) Around 5775 we will open fresh short positions with a SL of 5785 and a target of 5730. We will add to these short positions only below 5690.
Happy Trading !!!
Also visit Just Nifty and the Nifty Range blogs.
For cash market recommendations see our Daily Pre Market calls on NSE
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