Bulls maintain their grip on the Nifty as markets consolidate without giving up much.As discussed yesterday, the Nifty looked Bullish above 5320, as that level was always defended well throughout the trading session. The Nifty closed with a nominal gain of 1 point highlighting the consolidation mode that it has entered a couple of days ago. Our trading plan (b) got triggered and we were happy to book a 40 point profit by the end of day yesterday.1) The Elder Ray readings: Bull Power rises from +126 to +137 Bear Power reduces from +57 to +90 indicating that the Bears are now really gasping for breath as the Bulls continue to hold their grip on the Nifty. For today, the Bulls need to take the Nifty over 5400 to maintain their upwards momentum, whereas the Bears need to take the Nifty below 5255 to regain their lost grounds.2) The Nifty is trading well above all its key EMAs and also all its key DMAs.3) The stochastics are well and deeply in the overbought zone.4) In the above chart, the volumes have increased with the Nifty consolidating, indicating that a major move is just round the corner. The MACD is rising, emphasizing the bullish stranglehold. The ADX is also suggesting a rising momentum for the Bulls. The Parabolic SAR continues with its buy signal with a SL of 5131.5) Considering the above, our trading plan for the day is as under.a) Around 5305, 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 5380, we will open fresh short positions with a SL of 5395 and a target of 5335. We will add to these short positions only below 5285.Happy Trading !!! For cash market recommendations see our Daily Pre Market calls on NSE
Bulls maintain their grip on the Nifty as markets consolidate without giving up much.
As discussed yesterday, the Nifty looked Bullish above 5320, as that level was always defended well throughout the trading session. The Nifty closed with a nominal gain of 1 point highlighting the consolidation mode that it has entered a couple of days ago. Our trading plan (b) got triggered and we were happy to book a 40 point profit by the end of day yesterday.
1) The Elder Ray readings: Bull Power rises from +126 to +137 Bear Power reduces from +57 to +90 indicating that the Bears are now really gasping for breath as the Bulls continue to hold their grip on the Nifty. For today, the Bulls need to take the Nifty over 5400 to maintain their upwards momentum, whereas the Bears need to take the Nifty below 5255 to regain their lost grounds.
2) The Nifty is trading well above all its key EMAs and also all its key DMAs.
3) The stochastics are well and deeply in the overbought zone.
Nifty may remain bullish above 5320 with a major support at 5270, as Bears weaken.As discussed yesterday, we are seeing the start of a grinding consolidation phase. The Nifty successfully closed the gap that was left unfilled for 19 trading sessions and has closed above it, making for a confirmation of the bullish trend. 1) The Elder Ray readings : Bull Power rises from +87 to +126 Bear Power reduces from +55 to +57, indicating that the Bulls have gone too far for the Bears to pull them back, and also now the task of the Bulls to maintain the upward momentum will become that much more difficult. This could lead into a grinding consolidation. For today, the Bulls need to take the Nifty over 5370 to maintain their upwards momentum, whereas the Bears need to take the Nifty below 5230 to regain their lost grounds.2) The Nifty is trading well above all its key EMAs and all its key DMAs.3) The stochastics are well and deeply in the overbought zone.4) In the above chart, the volumes have increased with the rise in the Nifty confirming the Bullish up move. The MACD is also seen rising as is the ADX showing the bias towards the Bulls. The Parabolic SAR too, continues with its buy signal with a SL of 5103.5) Considering the above, our trading plan for the day is as under.a) Around 5300, we will open fresh long positions with a SL of 5280 and a target of 5370. We will add to these long positions only above 5390.b) Around 5375, we will open fresh short positions with a SL of 5390 and a target of 5325. We will add to these short positions only below 5280.Happy Trading !!! For cash market recommendations see our Daily Pre Market calls on NSE
Nifty may remain bullish above 5320 with a major support at 5270, as Bears weaken.
As discussed yesterday, we are seeing the start of a grinding consolidation phase. The Nifty successfully closed the gap that was left unfilled for 19 trading sessions and has closed above it, making for a confirmation of the bullish trend.
1) The Elder Ray readings : Bull Power rises from +87 to +126 Bear Power reduces from +55 to +57, indicating that the Bulls have gone too far for the Bears to pull them back, and also now the task of the Bulls to maintain the upward momentum will become that much more difficult. This could lead into a grinding consolidation. For today, the Bulls need to take the Nifty over 5370 to maintain their upwards momentum, whereas the Bears need to take the Nifty below 5230 to regain their lost grounds.
2) The Nifty is trading well above all its key EMAs and all its key DMAs.
3) The stochastics are well and deeply in the overbought zone.
Having crossed the major hump at 5270, Nifty may spend some time defending it.As discussed yesterday, the Nifty managed to overcome the major hump at 5270 quite successfully, riding on the 45 points positive gap up opening aided by global cues. Most of the trading session then, was spent in defending 5270, which could become the mantra of trade for the next few sessions, as Nifty is stuck right between gaps both on the upside and the downside. 1) The Elder Ray readings: Bull Power rises from +27 to +87 Bear Power reduces from -28 to +55, indicating that the Bears have been caught napping by the gap up opening yesterday. For today, the Bulls need to take the Nifty above 5310 to maintain their upwards momentum, whereas the Bears need to take the Nifty below 5210 to regain their lost grounds.2) The Nifty is trading above all its key EMAs and above all its key DMAs.3) The stochastics are well and deep into the overbought zone.4) In the above chart, the volumes have slightly increased in yesterday's gain on the Nifty. The MACD is rising and is showing a positive divergence. The ADX is also shifting its bias towards the Bulls now, however it is indicating a loss of momentum to the trend. The Parabolic SAR continues with its Buy signal with the SL now pegged at 5082.5) Considering the above, our trading plan for the day is as under.a) Above 5265, we will open fresh long positions with a SL of 5245 and a target of 5310. We will add to these long positions only above 5335. b) Around 5310, we will open fresh short positions with a SL of 5335 and a target of 5270. We will add to these short positions only below 5245.Happy Trading !!! For cash market recommendations see our Daily Pre Market calls on NSE
Having crossed the major hump at 5270, Nifty may spend some time defending it.
As discussed yesterday, the Nifty managed to overcome the major hump at 5270 quite successfully, riding on the 45 points positive gap up opening aided by global cues. Most of the trading session then, was spent in defending 5270, which could become the mantra of trade for the next few sessions, as Nifty is stuck right between gaps both on the upside and the downside.
1) The Elder Ray readings: Bull Power rises from +27 to +87 Bear Power reduces from -28 to +55, indicating that the Bears have been caught napping by the gap up opening yesterday. For today, the Bulls need to take the Nifty above 5310 to maintain their upwards momentum, whereas the Bears need to take the Nifty below 5210 to regain their lost grounds.
2) The Nifty is trading above all its key EMAs and above all its key DMAs.
3) The stochastics are well and deep into the overbought zone.
Amidst extremely positive global cues, Nifty may open positive but stumble at 5270.As discussed on Friday, "Sell on Rise" continued in the morning session, with the Nifty opening with a mild gap down, then clawing above 5200, going down to 5165 and then closing at 5216, in a volatile trading session. Both our trading plans got triggered one after the other and both met their targets. Today, given the global cues, the Nifty is about to open with a positive gap up, however, it will be interesting to see how the hump of 5270 is tackled by the Bulls.1) The Elder Ray readings: Bull Power reduces from +48 to +27 Bear Power rises from +21 to -28, indicating that both the Bulls and the Bears are well in their own zones, and are equidistant, with the Bulls having a slight advantage of global cues. For today, the Bulls need to overcome the levels of 5225 to maintain their upwards momentum whereas the Bears need to breach the Nifty below the levels of 5160 to maintain their downwards momentum.2) The Nifty has closed above all its key EMAs and all its key DMAs, indicating that the short term trend is upwards.3) The stochastics are in the overbought zone and are pointing downwards.4) In the above chart, the volumes have increased with the Nifty closing at its day's high, but below its previous close, indicating that equal strength of the Bulls and the Bears. The MACD is just above the zero line, and is pointing flat. The ADX is suggesting a bias towards the Bears, and the Parabolic SAR is continuing with its Buy signal with a SL at 5068.5) Considering the above, our trading plan for the day is as under.a) Below 5255, we will open fresh short positions with a SL of 5270 and a target of 5200. We will add to these short positions only below 5160.b) Around 5185, we will open fresh long positions with a SL of 5165 and a target of 5235. We will add to these long positions only above 5280.Happy Trading !!! For cash market recommendations see our Daily Pre Market calls on NSE
Amidst extremely positive global cues, Nifty may open positive but stumble at 5270.
As discussed on Friday, "Sell on Rise" continued in the morning session, with the Nifty opening with a mild gap down, then clawing above 5200, going down to 5165 and then closing at 5216, in a volatile trading session. Both our trading plans got triggered one after the other and both met their targets. Today, given the global cues, the Nifty is about to open with a positive gap up, however, it will be interesting to see how the hump of 5270 is tackled by the Bulls.
1) The Elder Ray readings: Bull Power reduces from +48 to +27 Bear Power rises from +21 to -28, indicating that both the Bulls and the Bears are well in their own zones, and are equidistant, with the Bulls having a slight advantage of global cues. For today, the Bulls need to overcome the levels of 5225 to maintain their upwards momentum whereas the Bears need to breach the Nifty below the levels of 5160 to maintain their downwards momentum.
2) The Nifty has closed above all its key EMAs and all its key DMAs, indicating that the short term trend is upwards.
3) The stochastics are in the overbought zone and are pointing downwards.
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