Nifty ready to soar again as the Bulls march on almost unstoppable now.As discussed yesterday, it was time for caution, as the Bulls booked some profit but never let the Nifty drift down below 5485. It has now become a case of the last of the Bears getting squeezed out, and if that be the case, the Nifty may well soar high above its all time highs in a very short period now.1) The Elder Ray readings : Bull Power reduces from +208 to +171 Bear Power increases from +127 to +123, indicating that even during sessions when the Bulls are taking rest, the Bears are unable to topple them, making it an even strong case for the Bulls.2) The Nifty continues to trade well above its key EMAs and key DMAs. After yesterday's trade, even the 200DMA which was till now falling, has now started to climb up. It had started to fall down during May 2011. This confirms that the major trend now is bullish.3) The stochastics continue to be in the overbought zone and are not showing any signs of coming down.4) In the above chart, the volumes are falling in yesterday's minor cut in the Nifty, indicating no participation from sellers. The MACD continues to rise, and the -ADX continues to touch the bottom. These are all indications that the Bears will have a very very tough task ahead.5) Considering the above, our trading plan for the day is as under,a) Around 5540, we will open fresh long positions with a SL of 5510 and a target of 5600. We will add to these long positions only above 5625.b) Around 5605, we will open fresh short positions with a SL of 5620 and a target of 5550. We will add to these short positions only below 5510.Happy Trading !!! For cash market recommendations see our Daily Pre Market calls on NSE
Nifty ready to soar again as the Bulls march on almost unstoppable now.
As discussed yesterday, it was time for caution, as the Bulls booked some profit but never let the Nifty drift down below 5485. It has now become a case of the last of the Bears getting squeezed out, and if that be the case, the Nifty may well soar high above its all time highs in a very short period now.
1) The Elder Ray readings : Bull Power reduces from +208 to +171 Bear Power increases from +127 to +123, indicating that even during sessions when the Bulls are taking rest, the Bears are unable to topple them, making it an even strong case for the Bulls.
2) The Nifty continues to trade well above its key EMAs and key DMAs. After yesterday's trade, even the 200DMA which was till now falling, has now started to climb up. It had started to fall down during May 2011. This confirms that the major trend now is bullish.
3) The stochastics continue to be in the overbought zone and are not showing any signs of coming down.
4) In the above chart, the volumes are falling in yesterday's minor cut in the Nifty, indicating no participation from sellers. The MACD continues to rise, and the -ADX continues to touch the bottom. These are all indications that the Bears will have a very very tough task ahead.
5) Considering the above, our trading plan for the day is as under,
a) Around 5540, we will open fresh long positions with a SL of 5510 and a target of 5600. We will add to these long positions only above 5625.
b) Around 5605, we will open fresh short positions with a SL of 5620 and a target of 5550. We will add to these short positions only below 5510.
Happy Trading !!!
For cash market recommendations see our Daily Pre Market calls on NSE
It is time for caution as the Nifty may be near to topping out.As discussed yesterday, the positive bias continued on the Nifty, with the Nifty opening with a positive gap up and then never ever looking back, to close with a whopping gain of 116 points. Today, given the global cues, the Nifty is likely to have a subdued opening and then a volatile session may be witnessed. A close below 5460 will provide the much needed tonic to the Bears.1) The Elder Ray readings : Bull Power increases from +127 to +208 Bear Power reduces from +77 to +127 indicating that the Bulls are still in control and the Bears have almost resigned.2) The Nifty continues to trade well above its key EMAs and key DMAs. 3) The stochastics too continue to be in the overbought zone and are showing no indications of dropping out of that zone.4) In the above charts, the volumes have increased with a whopping rise in the Nifty confirming participatory interest. The MACD has started to rise again, indicating continuation of the Bull run. However, the ADX has now started indicating extremely unsustainable levels for the Bull run.5) Considering the above, our trading plan for the day is as undera) Above 5490, we will open fresh long positions with a SL of 5460 and a target of 5580. We will add to these long positions only above 5600.b) Around 5580, we will open fresh short positions with a SL of 5605 and a target of 5500. We will add to these short positions only below 5460.Happy Trading !!! For cash market recommendations see our Daily Pre Market calls on NSE
It is time for caution as the Nifty may be near to topping out.
As discussed yesterday, the positive bias continued on the Nifty, with the Nifty opening with a positive gap up and then never ever looking back, to close with a whopping gain of 116 points. Today, given the global cues, the Nifty is likely to have a subdued opening and then a volatile session may be witnessed. A close below 5460 will provide the much needed tonic to the Bears.
1) The Elder Ray readings : Bull Power increases from +127 to +208 Bear Power reduces from +77 to +127 indicating that the Bulls are still in control and the Bears have almost resigned.
2) The Nifty continues to trade well above its key EMAs and key DMAs.
3) The stochastics too continue to be in the overbought zone and are showing no indications of dropping out of that zone.
4) In the above charts, the volumes have increased with a whopping rise in the Nifty confirming participatory interest. The MACD has started to rise again, indicating continuation of the Bull run. However, the ADX has now started indicating extremely unsustainable levels for the Bull run.
5) Considering the above, our trading plan for the day is as under
a) Above 5490, we will open fresh long positions with a SL of 5460 and a target of 5580. We will add to these long positions only above 5600.
b) Around 5580, we will open fresh short positions with a SL of 5605 and a target of 5500. We will add to these short positions only below 5460.
Happy Trading !!!
For cash market recommendations see our Daily Pre Market calls on NSE
Nifty refuses to fall amidst mixed signals.As discussed yesterday, the upward bias remained active throughout the session, with the Nifty trying to force its way up at the very fag end of the day. We had also mentioned that the focus should be on whether the Nifty is able to break out of the current range and in which direction. That focus still remains as the Nifty is still within that range.1) The Elder Ray readings : Bull Power reduces from +140 to +127 Bear Power also reduces from +70 to +77, indicating that the Nifty could again be range bound with a positive bias.2) The Nifty continues to trade above its key EMAs and key DMAs. However, the 200 DMA is still pointing downwards, indicating that the up-move might be restricted.3) The ATR has now reduced from levels of about 120 in Dec 2011 to levels of around 80. This confirms that the volatility in the market has decreased considerably.4) The stochastics continue to be in the overbought zone.5) In the above chart, the volumes are still low in the modest rise in the Nifty yesterday. The MACD histogram continues to fall but is still in the positive. The ADX is also indicating that there is loss of momentum in both the up and the down moves.6) Considering the above, our trading plan for the day is as undera) Above 5410, we will open fresh long positions with a SL of 5385 and a target of 5455. We will add to these long positions only above 5480.b) Below 5380, we will open fresh short positions with a SL of 5410 and a target of 5330. We will add to these short positions only below 5305. Happy Trading !!! For cash market recommendations see our Daily Pre Market calls on NSE
Nifty refuses to fall amidst mixed signals.
As discussed yesterday, the upward bias remained active throughout the session, with the Nifty trying to force its way up at the very fag end of the day. We had also mentioned that the focus should be on whether the Nifty is able to break out of the current range and in which direction. That focus still remains as the Nifty is still within that range.
1) The Elder Ray readings : Bull Power reduces from +140 to +127 Bear Power also reduces from +70 to +77, indicating that the Nifty could again be range bound with a positive bias.
2) The Nifty continues to trade above its key EMAs and key DMAs. However, the 200 DMA is still pointing downwards, indicating that the up-move might be restricted.
3) The ATR has now reduced from levels of about 120 in Dec 2011 to levels of around 80. This confirms that the volatility in the market has decreased considerably.
4) The stochastics continue to be in the overbought zone.
5) In the above chart, the volumes are still low in the modest rise in the Nifty yesterday. The MACD histogram continues to fall but is still in the positive. The ADX is also indicating that there is loss of momentum in both the up and the down moves.
6) Considering the above, our trading plan for the day is as under
a) Above 5410, we will open fresh long positions with a SL of 5385 and a target of 5455. We will add to these long positions only above 5480.
b) Below 5380, we will open fresh short positions with a SL of 5410 and a target of 5330. We will add to these short positions only below 5305.
Happy Trading !!!
For cash market recommendations see our Daily Pre Market calls on NSE
Nifty may trade within a narrow range with a upward bias.As discussed yesterday, the bullish trend continued on the Nifty, and amidst a narrow trading range the Nifty closed with a modest gain of 9 points. Today, given the global cues, the Nifty is likely to open flat to positive, and our focus will be to see whether a breakout occurs, and if it does occur, then in which direction.1) The Elder Ray readings : Bull Power reduces from +165 to +140 Bear Power increases from +78 to +70, indicating that it will be difficult for the Bulls to breakout over the recent highs, as there power has been reducing consistently since last 4 trading sessions.2) The Nifty continues to trade well above all its key EMAs and DMAs.3) The stochastics too continue to be in the overbought zone and are not giving any signals of a breakdown yet.4) In the above chart, the volumes have been depleting consistently for the last 4 trading sessions, indicating lack of participation while the Nifty has been holding its highs. The MACD histogram is falling but is still in the positive, indicating that the up-move might be nearing its end. The ADX on the other hand indicates a slowing in the up-move, but negates any strength in the down move.5) Considering the above, our trading plan for the day is as under.a) Above 5350, we will open fresh long positions with a SL of 5320 and a target of 5420. We will add to these long positions only above 5455.b) Around 5430, we will open fresh short positions with a SL of 5460 and a target of 5385. We will add to these short positions only below 5340.Happy Trading !!! For cash market recommendations see our Daily Pre Market calls on NSE
Nifty may trade within a narrow range with a upward bias.
As discussed yesterday, the bullish trend continued on the Nifty, and amidst a narrow trading range the Nifty closed with a modest gain of 9 points. Today, given the global cues, the Nifty is likely to open flat to positive, and our focus will be to see whether a breakout occurs, and if it does occur, then in which direction.
1) The Elder Ray readings : Bull Power reduces from +165 to +140 Bear Power increases from +78 to +70, indicating that it will be difficult for the Bulls to breakout over the recent highs, as there power has been reducing consistently since last 4 trading sessions.
2) The Nifty continues to trade well above all its key EMAs and DMAs.
3) The stochastics too continue to be in the overbought zone and are not giving any signals of a breakdown yet.
4) In the above chart, the volumes have been depleting consistently for the last 4 trading sessions, indicating lack of participation while the Nifty has been holding its highs. The MACD histogram is falling but is still in the positive, indicating that the up-move might be nearing its end. The ADX on the other hand indicates a slowing in the up-move, but negates any strength in the down move.
5) Considering the above, our trading plan for the day is as under.
a) Above 5350, we will open fresh long positions with a SL of 5320 and a target of 5420. We will add to these long positions only above 5455.
b) Around 5430, we will open fresh short positions with a SL of 5460 and a target of 5385. We will add to these short positions only below 5340.
Happy Trading !!!
For cash market recommendations see our Daily Pre Market calls on NSE
Bullish up-trend may continue for now as the Bears are still weak.After a few choppy sessions, the Nifty is still going strong, as the Bears have not been able to drag it down below 5325 effectively. Today, given the global cues, the Nifty is likely to open in the negative, and there will be a fair chance for the bears to suppress the Nifty. If they fail to do so, then the Bullish trend may continue and take the Nifty further out of reach of the Bears.1) The Elder Ray readings : Bull Power reduces from +180 to +165 Bear Power increases from +95 to +78, indicating that the Bears are now withing a striking distance of safety and if they fail today, then they will have a lot of hard work in coming days.2) The Nifty continues to trade above all its key EMAs and DMAs, the 8EMA at 5327 and the 13EMA at 5263 will act as key supports to this rally today.3) The stochastics continue to be in the overbought zone without showing any signs of decline.4) In the above chart, the volumes in Friday's consolidation have depleted. The Nifty is seen leaving the upper Bollinger Band, while the lower Band is rising steeply, indicating that the Bull run may still be intact. The MACD histogram is lowering but is still in the positive and the ADX is suggesting that the up-move and the down-move both are weakening,.5) Considering the above, our trading plan for the day is as undera) Around 5330, we will open fresh long positions with a SL of 5310 and a target of 5390. We will add to these long positions only above 5430.b) Around 5395, we will open fresh short positions with a SL of 5415 and a target of 5340. We will add to these short positions only below 5300.Happy Trading !!! For cash market recommendations see our Daily Pre Market calls on NSE
Bullish up-trend may continue for now as the Bears are still weak.
After a few choppy sessions, the Nifty is still going strong, as the Bears have not been able to drag it down below 5325 effectively. Today, given the global cues, the Nifty is likely to open in the negative, and there will be a fair chance for the bears to suppress the Nifty. If they fail to do so, then the Bullish trend may continue and take the Nifty further out of reach of the Bears.
1) The Elder Ray readings : Bull Power reduces from +180 to +165 Bear Power increases from +95 to +78, indicating that the Bears are now withing a striking distance of safety and if they fail today, then they will have a lot of hard work in coming days.
2) The Nifty continues to trade above all its key EMAs and DMAs, the 8EMA at 5327 and the 13EMA at 5263 will act as key supports to this rally today.
3) The stochastics continue to be in the overbought zone without showing any signs of decline.
4) In the above chart, the volumes in Friday's consolidation have depleted. The Nifty is seen leaving the upper Bollinger Band, while the lower Band is rising steeply, indicating that the Bull run may still be intact. The MACD histogram is lowering but is still in the positive and the ADX is suggesting that the up-move and the down-move both are weakening,.
5) Considering the above, our trading plan for the day is as under
a) Around 5330, we will open fresh long positions with a SL of 5310 and a target of 5390. We will add to these long positions only above 5430.
b) Around 5395, we will open fresh short positions with a SL of 5415 and a target of 5340. We will add to these short positions only below 5300.
Happy Trading !!!
For cash market recommendations see our Daily Pre Market calls on NSE
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Disclaimer : We express our opinions on this blog primarily as a method of record keeping, i.e. archiving what was our opinion about the markets on any given particular day end. As such, trading in derivatives can be extremely dangerous to you and your finances. We strongly advice you to consult your financial advisor before trading based on the opinions published on this blog. We shall not be held responsible, under any circumstances, for any financial loss or profit, that may be accrued due to your trades being affected by our opinions.
