With the Bulls reclaiming 5900 again, the Nifty poised for a high note now.
As discussed on Friday, it turned out to be a volatile session at end of week as the Nifty opened with a 17 point gap up and then gyrated within a 30 point range for major part of the trading session and just as it seemed that the Bulls would breach the previous day's lows, in the last hour of trade, the Bulls took hold of the Nifty and took it past 5900 to close at 5908 with a gain of 38 points. Our trading plan(b) triggered in the morning and we could book out with a minor gain of 15 points as our trailing stop loss got hit.
1) The Elder Ray readings : Bull Power reduces from +58 to +38 Bear Power also reduces from -9 to +1 indicating that the Bears are now out or their territory again and a Bullish up move can be expected. For today, the Bulls need to overcome the levels of 5925 to maintain their upwards momentum whereas the Bears need to breach the levels of 5880 to regain their lost grounds.
2) The Nifty has again closed above all its key EMAs and also above all its key DMAs.
3) The stochastics are right in the middle and are now pointing upwards.
4) In the above chart, the volumes have again dipped with the rise in the Nifty indicating that the rise may not sustain. The MACD is showing early signs of an up move that need to be confirmed. The ADX is showing a fall in the bullish momentum, but still favors the bulls. The Parabolic SAR continues with its sell call with a SL of 5931.
5) Considering the above, our trading plan for the day is as under.
a) Around 5880 we will open fresh long positions with a SL of 5860 and a target of 5925. We will add to these long positions only above 5955.
b) Around 5935 we will open fresh short positions with a SL of 5955 and a target of 5895. We will add to these short positions only below 5860.
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, it turned out to be a volatile session at end of week as the Nifty opened with a 17 point gap up and then gyrated within a 30 point range for major part of the trading session and just as it seemed that the Bulls would breach the previous day's lows, in the last hour of trade, the Bulls took hold of the Nifty and took it past 5900 to close at 5908 with a gain of 38 points. Our trading plan(b) triggered in the morning and we could book out with a minor gain of 15 points as our trailing stop loss got hit.
1) The Elder Ray readings : Bull Power reduces from +58 to +38 Bear Power also reduces from -9 to +1 indicating that the Bears are now out or their territory again and a Bullish up move can be expected. For today, the Bulls need to overcome the levels of 5925 to maintain their upwards momentum whereas the Bears need to breach the levels of 5880 to regain their lost grounds.
2) The Nifty has again closed above all its key EMAs and also above all its key DMAs.
3) The stochastics are right in the middle and are now pointing upwards.
4) In the above chart, the volumes have again dipped with the rise in the Nifty indicating that the rise may not sustain. The MACD is showing early signs of an up move that need to be confirmed. The ADX is showing a fall in the bullish momentum, but still favors the bulls. The Parabolic SAR continues with its sell call with a SL of 5931.
5) Considering the above, our trading plan for the day is as under.
a) Around 5880 we will open fresh long positions with a SL of 5860 and a target of 5925. We will add to these long positions only above 5955.
b) Around 5935 we will open fresh short positions with a SL of 5955 and a target of 5895. We will add to these short positions only below 5860.
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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