Just a day before mini vacation, the Nifty is expected to go into a lull.As discussed yesterday, there was caution on the bourses, which left the Nifty drift aimlessly within a very tight range of just 30 points. The Bulls maintained their momentum owing to the opening gap advantage. Today, the Nifty may open slightly subdued, but the lull is expected to continue, unless one of the sides shows some initiative.1) The Elder Ray readings : Bull Power rises from +57 to +92 Bear Power reduces from +4 to +58, indicating that the Bulls are now in the lead and the Bears have given up all their gains. It must be noted however, that in a sideways market, the Bulls and the Bears switch sides very frequently, as has been witnessed in the past few weeks. For today, the Bulls need to cross 5390 to maintain their momentum, whereas the Bears need to breach 5280 to regain their lost ground.2) The Nifty is now trading above its key EMAs and its key DMAs. This indicates that the Bulls are ruling the markets as of now.3) The stochastics are in the neutral zone and are pointing upwards.4) In the above chart, the volumes have been depleting in the last 4 sessions rise in the Nifty. Yesterday, in the tight ranged movement, the volumes have increased a bit, which is indicating some short build up, which is favoring the Bears. The MACD is rising, but is still negative. The ADX is indicating a trend less market with advantage to the Bulls. The Parabolic SAR is now giving out a Buy signal. However, it must be noted, that the SAR gives flip flops in a sideways market. As also one can see in the ADX where the green and the red lines have crossed each other several times within past few weeks. A perfect reflection of a sideways market.5) Considering the above, our trading plan for the day is as under.a) Above 5385, we will open fresh long positions with a SL of 5355 and a target of 5435. We will add to these long positions above 5455.b) Below 5340, we will open fresh short positions with a SL of 5370 and a target of 5285. We will add to these short positions below 5250.c) Around 5440, we will be extremely bearish.d) Around 5280, we will be extremely bullish.Happy Trading !!! For cash market recommendations see our Daily Pre Market calls on NSE
Just a day before mini vacation, the Nifty is expected to go into a lull.
As discussed yesterday, there was caution on the bourses, which left the Nifty drift aimlessly within a very tight range of just 30 points. The Bulls maintained their momentum owing to the opening gap advantage. Today, the Nifty may open slightly subdued, but the lull is expected to continue, unless one of the sides shows some initiative.
1) The Elder Ray readings : Bull Power rises from +57 to +92 Bear Power reduces from +4 to +58, indicating that the Bulls are now in the lead and the Bears have given up all their gains. It must be noted however, that in a sideways market, the Bulls and the Bears switch sides very frequently, as has been witnessed in the past few weeks. For today, the Bulls need to cross 5390 to maintain their momentum, whereas the Bears need to breach 5280 to regain their lost ground.
2) The Nifty is now trading above its key EMAs and its key DMAs. This indicates that the Bulls are ruling the markets as of now.
3) The stochastics are in the neutral zone and are pointing upwards.
4) In the above chart, the volumes have been depleting in the last 4 sessions rise in the Nifty. Yesterday, in the tight ranged movement, the volumes have increased a bit, which is indicating some short build up, which is favoring the Bears. The MACD is rising, but is still negative. The ADX is indicating a trend less market with advantage to the Bulls. The Parabolic SAR is now giving out a Buy signal. However, it must be noted, that the SAR gives flip flops in a sideways market. As also one can see in the ADX where the green and the red lines have crossed each other several times within past few weeks. A perfect reflection of a sideways market.
5) Considering the above, our trading plan for the day is as under.
a) Above 5385, we will open fresh long positions with a SL of 5355 and a target of 5435. We will add to these long positions above 5455.
b) Below 5340, we will open fresh short positions with a SL of 5370 and a target of 5285. We will add to these short positions below 5250.
c) Around 5440, we will be extremely bearish.
d) Around 5280, we will be extremely bullish.
Happy Trading !!!
For cash market recommendations see our Daily Pre Market calls on NSE
In a truncated trading week, the Nifty stays up, but caution prevails.As discussed yesterday, the Nifty drifted directionless within a narrow range of 50 points, in spite of previous day's bullish sentiment. However, action on the Nifty was muted yesterday, with low volumes. Today, the Nifty is likely to open positive, but again we could witness a range bound trade with Bullish undertones to it.1) The Elder Ray readings : Bull Power rises from +40 to +57 Bear Power reduces from -64 to +4 indicating that the Bears have given up on their territory, even as the Bulls have remained steady almost. For today, the Bears need to breach 5265 to regain lost grounds and the Bulls need to cross over 5345 to maintain their momentum.2) The Nifty is trading above its key EMAs which are pointing upwards, and the 100 and 200 DMAs. However, it is just below its 50DMA.3) The stochastics are in the neutral zone, and are pointing upwards, confirming the Bullish undertones in the market. 4) In the above chart, the volumes have dried up, indicating lack of participation. The MACD is in the negative, but the fast MACD has turned up, signalling a bullish move might be developing. The ADX continues to signal a directionless market, with slight bias towards the up-move. The Parabolic SAR continues with its sell signal, but the Nifty has reached very close to the Parabolic SAR, and hence, it signals a time for caution, as the signal could either change or assert itself.5) Considering the above, our trading plan for the day is as under.a) Above 5310, we will open fresh long positions with a SL of 5285 and a target of 5365. We will add to these long positions only above 5395.b) Around 5365, we will open fresh short positions with a SL of 5390 and a target of 5315. We will add to these short positions only below 5285.Happy Trading !!! For cash market recommendations see our Daily Pre Market calls on NSE
In a truncated trading week, the Nifty stays up, but caution prevails.
As discussed yesterday, the Nifty drifted directionless within a narrow range of 50 points, in spite of previous day's bullish sentiment. However, action on the Nifty was muted yesterday, with low volumes. Today, the Nifty is likely to open positive, but again we could witness a range bound trade with Bullish undertones to it.
1) The Elder Ray readings : Bull Power rises from +40 to +57 Bear Power reduces from -64 to +4 indicating that the Bears have given up on their territory, even as the Bulls have remained steady almost. For today, the Bears need to breach 5265 to regain lost grounds and the Bulls need to cross over 5345 to maintain their momentum.
2) The Nifty is trading above its key EMAs which are pointing upwards, and the 100 and 200 DMAs. However, it is just below its 50DMA.
3) The stochastics are in the neutral zone, and are pointing upwards, confirming the Bullish undertones in the market.
4) In the above chart, the volumes have dried up, indicating lack of participation. The MACD is in the negative, but the fast MACD has turned up, signalling a bullish move might be developing. The ADX continues to signal a directionless market, with slight bias towards the up-move. The Parabolic SAR continues with its sell signal, but the Nifty has reached very close to the Parabolic SAR, and hence, it signals a time for caution, as the signal could either change or assert itself.
5) Considering the above, our trading plan for the day is as under.
a) Above 5310, we will open fresh long positions with a SL of 5285 and a target of 5365. We will add to these long positions only above 5395.
b) Around 5365, we will open fresh short positions with a SL of 5390 and a target of 5315. We will add to these short positions only below 5285.
Happy Trading !!!
For cash market recommendations see our Daily Pre Market calls on NSE
Bouncing back from recent lows, Nifty is still in its trading range of 5120 5320.On Friday, the Bulls made a smart rally, closing the Nifty with a gain of a whopping 116 points. We had suggested, that a big move was likely, as the day before was a NR7 day. Today also, the Nifty is likely to open positive, and if it is able to cross the hump of resistances ahead successfully, then we can see a rally unfolding. Any failure there, and Nifty could go back again to 5100 levels.
1) The Elder Ray readings :Bull Power rises from -69 to +40 Bear Power reduces from -127 to -64, indicating that though the Bulls have regained their territory, the Bears are still safe in the negative zone. For today, the Bulls need to cross 5315 whereas the Bears need to break below 5210 in order to remain in the race.
2) The Nifty is trading above its key EMAs now, but has found resistance at its 50 DMA which is currently at 5315.
3) The stochastics are just out of the oversold zone and are pointing upwards and suggesting a continuation of the upwards movement on the Nifty.
4) In the above chart, the volumes have decreased in Friday's up-move, suggesting some halt for the up-move. The MACD is in the negative, and is stopping short of a clear buy signal. The ADX is suggesting a trend-less market, but is suggesting a gain of momentum for the up-move and a loss of momentum for the downtrend. The Parabolic SAR is continuing with its sell signal.
5) Considering the above, our trading plan for the day is as under
a) Above 5305, we will open fresh long positions with a SL of 5285 and a target of 5355. We will add to these long positions above 5380.
b) Around 5355, we will open fresh short positions with a SL of 5380 and a target of 5290. We will add to these short positions below 5275.
Happy Trading !!! For cash market recommendations see our Daily Pre Market calls on NSE
Bouncing back from recent lows, Nifty is still in its trading range of 5120 5320.
On Friday, the Bulls made a smart rally, closing the Nifty with a gain of a whopping 116 points. We had suggested, that a big move was likely, as the day before was a NR7 day. Today also, the Nifty is likely to open positive, and if it is able to cross the hump of resistances ahead successfully, then we can see a rally unfolding. Any failure there, and Nifty could go back again to 5100 levels.
1) The Elder Ray readings :Bull Power rises from -69 to +40 Bear Power reduces from -127 to -64, indicating that though the Bulls have regained their territory, the Bears are still safe in the negative zone. For today, the Bulls need to cross 5315 whereas the Bears need to break below 5210 in order to remain in the race.
2) The Nifty is trading above its key EMAs now, but has found resistance at its 50 DMA which is currently at 5315.
3) The stochastics are just out of the oversold zone and are pointing upwards and suggesting a continuation of the upwards movement on the Nifty.
4) In the above chart, the volumes have decreased in Friday's up-move, suggesting some halt for the up-move. The MACD is in the negative, and is stopping short of a clear buy signal. The ADX is suggesting a trend-less market, but is suggesting a gain of momentum for the up-move and a loss of momentum for the downtrend. The Parabolic SAR is continuing with its sell signal.
5) Considering the above, our trading plan for the day is as under
a) Above 5305, we will open fresh long positions with a SL of 5285 and a target of 5355. We will add to these long positions above 5380.
b) Around 5355, we will open fresh short positions with a SL of 5380 and a target of 5290. We will add to these short positions below 5275.
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.
