As the month ends & a fresh series starts, Bulls takeover charge of the Nifty.
As discussed yesterday, we expected Expiry Jitters on the Nifty. However, the Bulls had other ideas and after a minor gap up opening, the Bulls never really gave up and the Nifty swiftly crossed our threshold of 5775 and hit a new yearly high and even closed near thereabouts. Part b of our trading plan (a) came active within a few minutes and we could book out with a profit of 50 points by the end of the day.
1) The Elder Ray readings : Bull Power rises from +85 to +160 Bear Power reduces from +10 to +63 indicating that the Bulls are now firmly in the drivers seat and the Bears are way behind now. For today, the Bulls need to overcome the levels of 5850 to maintain their upwards momentum whereas the Bears need to breach the Nifty below 5680 to regain their lost grounds.
2) The Nifty has closed above all its key EMAs and also above all its key DMAs. Also now the DMAs & the EMAs are stacked properly in favor of the Bulls.
3) The fast stochastics are well into the overbought zone while the slow stochastics follow behind in the neutral zone.
4) In the above chart, the volumes have increased with the rise in the Nifty making this up move quite sustainable. The MACD has now risen with the histogram coming above the zero line. The ADX continues to favor the up move with an indication of a rising momentum. The Parabolic SAR continues with its buy signal.
5) Considering the above, our trading plan for the day is as under.
a) Around 5800 we will open fresh long positions with a SL of 5775 and a target of 5860. We will add to these long positions only above 5880.
b) Around 5865 we will open fresh short positions with a SL of 5880 and a target of 5810. We will add to these short positions only below 5775.
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, we expected Expiry Jitters on the Nifty. However, the Bulls had other ideas and after a minor gap up opening, the Bulls never really gave up and the Nifty swiftly crossed our threshold of 5775 and hit a new yearly high and even closed near thereabouts. Part b of our trading plan (a) came active within a few minutes and we could book out with a profit of 50 points by the end of the day.
1) The Elder Ray readings : Bull Power rises from +85 to +160 Bear Power reduces from +10 to +63 indicating that the Bulls are now firmly in the drivers seat and the Bears are way behind now. For today, the Bulls need to overcome the levels of 5850 to maintain their upwards momentum whereas the Bears need to breach the Nifty below 5680 to regain their lost grounds.
2) The Nifty has closed above all its key EMAs and also above all its key DMAs. Also now the DMAs & the EMAs are stacked properly in favor of the Bulls.
3) The fast stochastics are well into the overbought zone while the slow stochastics follow behind in the neutral zone.
4) In the above chart, the volumes have increased with the rise in the Nifty making this up move quite sustainable. The MACD has now risen with the histogram coming above the zero line. The ADX continues to favor the up move with an indication of a rising momentum. The Parabolic SAR continues with its buy signal.
5) Considering the above, our trading plan for the day is as under.
a) Around 5800 we will open fresh long positions with a SL of 5775 and a target of 5860. We will add to these long positions only above 5880.
b) Around 5865 we will open fresh short positions with a SL of 5880 and a target of 5810. We will add to these short positions only below 5775.
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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