At higher levels, Bulls look nervous, Bears look weak, Nifty remains stagnant.As discussed yesterday, the Bullish grip remained on the Nifty, with the Nifty opening with a mild positive gap, then traversing the previous day's high, before giving up all the gains and traversing to the previous day's low and closing with a minor gain of 3 points. Our plan (b) got triggered, and met its target. Then our plan (a) got triggered and got halted mid-way at the EOD. We were able to book a profit of 55 points during the session.1) The Elder Ray readings : Bull Power rises from +95 to +100 Bear Power also rises from +57 to +45, indicating the nervousness of the Bulls and the weakness of the Bears. For today, the Bulls need to take the Nifty above 5460 to maintain their upwards momentum, whereas the Bears need to take the Nifty below 5355 to regain their lost grounds.2) The Nifty again closed above all its key EMAs and all its key DMAs.3) The stochastics are still in the overbought zone.4) In the above chart, the Nifty has formed a 'Doji' in what could be a supply zone. The volumes have increased with the Nifty remaining stagnant at the high point, indicating that the Bulls are not giving up easily. The MACD is still in the positive and is rising. The ADX is also suggesting rise in momentum, with a bias towards the Bulls. The Parabolic SAR continues with its Buy signal with a SL now pegged at 5353.5) Considering the above, our trading plan for the day is as under.a) Around 5385, we will open fresh long positions with a SL of 5370 and a target of 5445. We will add to these long positions only above 5460.b) Around 5450, we will open fresh short positions with a SL of 5460 and a target of 5415. We will add to these short positions only below 5370.Happy Trading !!! For cash market recommendations see our Daily Pre Market calls on NSE
At higher levels, Bulls look nervous, Bears look weak, Nifty remains stagnant.
As discussed yesterday, the Bullish grip remained on the Nifty, with the Nifty opening with a mild positive gap, then traversing the previous day's high, before giving up all the gains and traversing to the previous day's low and closing with a minor gain of 3 points. Our plan (b) got triggered, and met its target. Then our plan (a) got triggered and got halted mid-way at the EOD. We were able to book a profit of 55 points during the session.
1) The Elder Ray readings : Bull Power rises from +95 to +100 Bear Power also rises from +57 to +45, indicating the nervousness of the Bulls and the weakness of the Bears. For today, the Bulls need to take the Nifty above 5460 to maintain their upwards momentum, whereas the Bears need to take the Nifty below 5355 to regain their lost grounds.
2) The Nifty again closed above all its key EMAs and all its key DMAs.
3) The stochastics are still in the overbought zone.
Bullish stranglehold on the Nifty to continue. 5380 is the rising support now.As discussed yesterday, the Nifty upswing continued in spite of weak global cues. The Nifty opened with a negative gap of 25 points and then filled the gap immediately, where it became choppy before closing at 5313. Our trading plan (a) triggered in the morning itself. However, it did not meet its target and we could book a minor profit of 15 points by EOD.1) The Elder Ray readings : Bull Power reduces from +100 to +95 Bear Power also reduces from +43 to +57, indicating that even with the weak global cues, the Bulls have not lost much, and yet the Bears have lost more. For today, the Bulls need to overcome the levels of 5445 to maintain their upwards momentum, whereas the Bears need to breach the Nifty below 5340 to regain their lost grounds.2) The Nifty continues to close above all its key EMAs and above all its key DMAs, indicating the strong grip of the Bulls over the Nifty.3) The stochastics continue to remain well and deeply into the overbought zone. 4) In the above chart, the volumes have depleted with the minor fall in the Nifty, indicating absence of major selling momentum. The MACD continues to rise and remain in the positive. The ADX is suggesting a rise in the momentum, with the Bias towards the Bulls. The Parabolic SAR continues its buy signal with the SL now pegged at 5329.5) Considering the above, our trading plan for the day is as under.a) Around 5395, we will open fresh long positions with a SL of 5375 and a target of 5455. We will add to these long positions only above 5475.b) Around 5455, we will open fresh short positions with a SL of 5475 and a target of 5410. We will add to these short positions only below 5375.Happy Trading !!! For cash market recommendations see our Daily Pre Market calls on NSE
Bullish stranglehold on the Nifty to continue. 5380 is the rising support now.
As discussed yesterday, the Nifty upswing continued in spite of weak global cues. The Nifty opened with a negative gap of 25 points and then filled the gap immediately, where it became choppy before closing at 5313. Our trading plan (a) triggered in the morning itself. However, it did not meet its target and we could book a minor profit of 15 points by EOD.
1) The Elder Ray readings : Bull Power reduces from +100 to +95 Bear Power also reduces from +43 to +57, indicating that even with the weak global cues, the Bulls have not lost much, and yet the Bears have lost more. For today, the Bulls need to overcome the levels of 5445 to maintain their upwards momentum, whereas the Bears need to breach the Nifty below 5340 to regain their lost grounds.
2) The Nifty continues to close above all its key EMAs and above all its key DMAs, indicating the strong grip of the Bulls over the Nifty.
3) The stochastics continue to remain well and deeply into the overbought zone.
As Nifty continues to rise slowly & steadily, buy on dips is the mantra for trades.As discussed yesterday, the Nifty continued to consolidate in a tight range of 25 points throughout the trading session, before galloping away in the last hour of trade to cross 5400 and to close well above that threshold. The trading range continued to contract as expected. Our trading plan (a) got triggered and hit the SL and we booked a loss of 25 points.1) The Elder Ray readings : Bull Power rises from +90 to +100 Bear Power reduces from +32 to +43, indicating the intense grip of the Bulls over the Nifty. For today, the Bulls need to overcome the levels of 5440 on the Nifty to maintain their upwards momentum, whereas the Bears need to breach the Nifty below 5335 to regain their lost grounds.2) The Nifty continues to trade above all its key EMAs and all its key DMAs.3) The stochastics continue to remain well and deeply into the overbought zone. 4) In the above chart, the volumes have again decreased with the rising Nifty, indicating that one should wait for a dip to initiate long positions. The MACD continues to rise and remain in the positive zone. The ADX is also suggesting bias towards the bulls. The Parabolic SAR continues with its buy signal with the SL now at 5303.5) Considering the above, our trading plan for the day is as under.a) Around 5390, we will open fresh long positions with a SL of 5375 and a target of 5450. We will add to these long positions only above 5465.b) Around 5455, we will open fresh short positions with a SL of 5465 and a target of 5405. We will add to these short positions only below 5375.Happy Trading !!! For cash market recommendations see our Daily Pre Market calls on NSE
As Nifty continues to rise slowly & steadily, buy on dips is the mantra for trades.
As discussed yesterday, the Nifty continued to consolidate in a tight range of 25 points throughout the trading session, before galloping away in the last hour of trade to cross 5400 and to close well above that threshold. The trading range continued to contract as expected. Our trading plan (a) got triggered and hit the SL and we booked a loss of 25 points.
1) The Elder Ray readings : Bull Power rises from +90 to +100 Bear Power reduces from +32 to +43, indicating the intense grip of the Bulls over the Nifty. For today, the Bulls need to overcome the levels of 5440 on the Nifty to maintain their upwards momentum, whereas the Bears need to breach the Nifty below 5335 to regain their lost grounds.
2) The Nifty continues to trade above all its key EMAs and all its key DMAs.
3) The stochastics continue to remain well and deeply into the overbought zone.
Trading range may continue to contract as Nifty gropes for direction.As discussed in our last post, the Nifty paused in its unabated march upwards and witnessed a volatile stagnation on Friday. Just as our trading plan (a) got triggered, the Nifty saw a rapid fall to below 5350. We could not hit the target, but were able to book out owing to our trailing stop loss with a profit of over 40 points.1) The Elder Ray readings : Bull Power reduces from +91 to +90 Bear Power rises from +57 to +32, indicating the inherent weakness of the Bears who were not able to retain their advantage. For today, the Bulls need to overcome the levels of 5415 to maintain their upwards momentum, whereas the Bears need to breach the Nifty below 5305 to regain their lost grounds.2) The Nifty continues to close above all its key EMAs and all its key DMAs.3) The stochastics continue to remain well and deeply into the overbought zone.4) In the above chart, the volumes have remained stagnant with the Nifty going nowhere, indicating the indecision amongst the trading community. The MACD histogram is indicating some weakness at higher levels. The ADX is also suggesting loss of momentum for the bullish up move. The Parabolic SAR continues with its buy signal with a SL now pegged at 5277.5) Considering the above, our trading plan for the day is as under.a) Below 5390, we will open fresh short positions with a SL of 5415 and a target of 5335. We will add to these short positions only below 5315.b) Around 5325, we will open fresh long positions with a SL of 5315 and a target of 5370. We will add to these long positions only above 5415.Happy Trading !!! For cash market recommendations see our Daily Pre Market calls on NSE
Trading range may continue to contract as Nifty gropes for direction.
As discussed in our last post, the Nifty paused in its unabated march upwards and witnessed a volatile stagnation on Friday. Just as our trading plan (a) got triggered, the Nifty saw a rapid fall to below 5350. We could not hit the target, but were able to book out owing to our trailing stop loss with a profit of over 40 points.
1) The Elder Ray readings : Bull Power reduces from +91 to +90 Bear Power rises from +57 to +32, indicating the inherent weakness of the Bears who were not able to retain their advantage. For today, the Bulls need to overcome the levels of 5415 to maintain their upwards momentum, whereas the Bears need to breach the Nifty below 5305 to regain their lost grounds.
2) The Nifty continues to close above all its key EMAs and all its key DMAs.
3) The stochastics continue to remain well and deeply into the overbought zone.
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