Today's trade depends on whether the Bulls maintain the Nifty above 5285.As discussed yesterday, we saw the Bearish grip tighten on the Nifty, with the Nifty opening with a minor gap down and trade in a pretty narrow range for most of the day. In the later part, we also saw the Nifty rise, only to give up almost all gains within a span of 10 minutes. Today, given the global cues, the Nifty is ready to open with a smart gap up. However, the further movement depends heavily on whether the Bulls are able to maintain it over 5285.1) The Elder Ray readings : Bull Power rises from -39 to -29 Bear Power reduces from -83 to -72 indicating that the Nifty is still under the spell of the Bears. For today, the Bulls need to overcome the levels of 5285 on the Nifty to regain their lost grounds, whereas the Bears need to breach the levels of 5205 on the Nifty to maintain their downwards momentum.2) The Nifty has yet again closed below all its key EMAs and below its 50DMA.3) The stochastics are still in the oversold zone. 4) In the above chart, the volumes have decreased with the small rise in the Nifty, indicating that the downtrend has paused. The MACD continues to fall, with the Histogram suggesting a pause. The ADX is suggesting a rise in the momentum, with a bearish bias. The Parabolic SAR continues with its sell signal with a SL of 5340.5) Considering the above, our trading plan for the day is as under.a) Above 5285, we will open fresh long positions with a SL of 5275 and a target of 5325.b) Below 5275, we will open fresh short positions with a SL of 5285 and a target of 5230.c) We will wait patiently for these levels to arrive. If not, we would enjoy watching the markets from the sidelines.Happy Trading !!! For cash market recommendations see our Daily Pre Market calls on NSE
Today's trade depends on whether the Bulls maintain the Nifty above 5285.
As discussed yesterday, we saw the Bearish grip tighten on the Nifty, with the Nifty opening with a minor gap down and trade in a pretty narrow range for most of the day. In the later part, we also saw the Nifty rise, only to give up almost all gains within a span of 10 minutes. Today, given the global cues, the Nifty is ready to open with a smart gap up. However, the further movement depends heavily on whether the Bulls are able to maintain it over 5285.
1) The Elder Ray readings : Bull Power rises from -39 to -29 Bear Power reduces from -83 to -72 indicating that the Nifty is still under the spell of the Bears. For today, the Bulls need to overcome the levels of 5285 on the Nifty to regain their lost grounds, whereas the Bears need to breach the levels of 5205 on the Nifty to maintain their downwards momentum.
2) The Nifty has yet again closed below all its key EMAs and below its 50DMA.
3) The stochastics are still in the oversold zone.
Nifty nearing crucial support zone as the Bears gain control. Trade cautiously.As discussed yesterday, it was a day of "Sell on rise" as the Nifty opened with a 30 point gap down, and regained a bit in the first 30 minutes of trade. However, selling emerged soon and Nifty broke the support levels of 5230 and went down to 5215 before closing at 5226. The Nifty now is trading near a cluster of crucial supports, from where a bounce back cannot be ruled out. 1) The Elder Ray readings : Bull Power reduces from -32 to -39 Bear Power rises from -77 to -83 indicating the grip of the Bears on the Nifty. For today, the Bulls need to take the Nifty above 5290 to regain their lost grounds whereas the Bears need to breach the levels of 5200 on the Nifty to maintain their downwards momentum.2) The Nifty is trading below all its key EMAs and below its 50DMA. The 100DMA at 5165 could act as a major support in the short term.3) The stochastics are in the oversold zone and are pointing downwards. 4) In the above chart, the volumes have increased with the fall in the Nifty indicating that the fall may sustain as of now. The MACD continues to fall, indicating a downward trend. The ADX is also suggesting strengthening of the downwards momentum. The Parabolic SAR continues to give out a Sell signal with the SL now pegged at 5360.5) Considering the above, our trading plan for the day is as under.a) Around 5245, we will open fresh short positions with a SL of 5270 and a target of 5195. We will add to these short positions only below 5180.b) Around 5190, we will open fresh long positions with a SL of 5180 and a target of 5250. We will add to these long positions only above 5270.Happy Trading !!! For cash market recommendations see our Daily Pre Market calls on NSE
Nifty nearing crucial support zone as the Bears gain control. Trade cautiously.
As discussed yesterday, it was a day of "Sell on rise" as the Nifty opened with a 30 point gap down, and regained a bit in the first 30 minutes of trade. However, selling emerged soon and Nifty broke the support levels of 5230 and went down to 5215 before closing at 5226. The Nifty now is trading near a cluster of crucial supports, from where a bounce back cannot be ruled out.
1) The Elder Ray readings : Bull Power reduces from -32 to -39 Bear Power rises from -77 to -83 indicating the grip of the Bears on the Nifty. For today, the Bulls need to take the Nifty above 5290 to regain their lost grounds whereas the Bears need to breach the levels of 5200 on the Nifty to maintain their downwards momentum.
2) The Nifty is trading below all its key EMAs and below its 50DMA. The 100DMA at 5165 could act as a major support in the short term.
3) The stochastics are in the oversold zone and are pointing downwards.
With the Nifty still below key EMAs, it is still sell on rise. Trading mode continues.As discussed yesterday, the trading mode continued on the Nifty, with the Nifty gyrating in a 45 point range. However, considering that the previous day's low was breached and the previous day's high was not, the Nifty is still under the spell of the Bears. So, in-spite of the mildly positive close yesterday, we would still look out for opportunities to open short positions at higher levels.1) The Elder Ray readings : Bull Power reduces from -21 to -32 Bear Power rises from -73 to -77, indicating that the Bears are gradually gaining momentum. For today, the Bulls need to take the Nifty over 5310 to regain their lost grounds whereas the Bears need to breach the Nifty below the levels of 5220 to maintain their downwards momentum.2) The Nifty has closed below all its key EMAs but has closed above all its key DMAs. The 50DMA at 5263 is the critical level to watch out for.3) The stochastics are still in the oversold zone. 4) In the above chart, the volumes have not increased with the rise in the Nifty, indicating that this up move may not sustain for long. The MACD continues to fall, and the histogram continues to be in the negative. The ADX is indicating a expansion of the trading range with a bias towards the Bears. The Parabolic SAR continues with its sell signal with a SL now pegged at 5379.5) Considering the above, our trading plan for the day is as under.a) Around 5300, we will open fresh short positions with a SL of 5315 and a target of 5240. We will add to these short positions only below 5225.b) Around 5235, we will open fresh long positions with a SL of 5225 and a target of 5275. We will add to these long positions only above 5315.Happy Trading !!! For cash market recommendations see our Daily Pre Market calls on NSE
With the Nifty still below key EMAs, it is still sell on rise. Trading mode continues.
As discussed yesterday, the trading mode continued on the Nifty, with the Nifty gyrating in a 45 point range. However, considering that the previous day's low was breached and the previous day's high was not, the Nifty is still under the spell of the Bears. So, in-spite of the mildly positive close yesterday, we would still look out for opportunities to open short positions at higher levels.
1) The Elder Ray readings : Bull Power reduces from -21 to -32 Bear Power rises from -73 to -77, indicating that the Bears are gradually gaining momentum. For today, the Bulls need to take the Nifty over 5310 to regain their lost grounds whereas the Bears need to breach the Nifty below the levels of 5220 to maintain their downwards momentum.
2) The Nifty has closed below all its key EMAs but has closed above all its key DMAs. The 50DMA at 5263 is the critical level to watch out for.
3) The stochastics are still in the oversold zone.
Nifty continues to remain in a trading mode with a downward bias.As discussed yesterday, the Nifty saw Bears gain momentum with the Nifty opening with a positive gap up of 20 points and then making a top within the first few minutes of trade, when the Bears started to stamp their authority and pushed the Nifty down to about 5243 before closing at 5254 with a loss of a mere 5 points. Our trading plan (a) got triggered and we could book a profit of 30 points each twice during the trading session.1) The Elder Ray readings : Bull Power rises from -24 to -21 Bear Power reduces from -88 to -73 confirming that the Nifty is in a trading mode before resuming its directional bias. For today, the Bulls need to take the Nifty over 5320 to regain their lost grounds whereas the Bears need to take the Nifty below 5230 to maintain their downwards momentum.2) The Nifty has now closed below all its key EMAs and also its 50DMA, which is at 5260 currently.3) The stochastics are in the oversold zone and are pointing horizontally. 4) In the above chart, the Nifty has been range bound with reducing volumes, indicating lack of participation and confirming the downward bias. The MACD is still pointing downwards but the ADX is suggesting some loss of momentum for the Bears. The Parabolic SAR is continuing its sell signal with the SL now at 5396.5) Considering the above, our trading plan for the day is as under.a) Around 5225, we will open fresh long positions with a SL of 5205 and a target of 5275. We will add to these long positions only above 5300.b) Around 5285, we will open fresh short positions with a SL of 5300 and a target of 5240. We will add to these short positions only below 5205.Happy Trading !!! For cash market recommendations see our Daily Pre Market calls on NSE
Nifty continues to remain in a trading mode with a downward bias.
As discussed yesterday, the Nifty saw Bears gain momentum with the Nifty opening with a positive gap up of 20 points and then making a top within the first few minutes of trade, when the Bears started to stamp their authority and pushed the Nifty down to about 5243 before closing at 5254 with a loss of a mere 5 points. Our trading plan (a) got triggered and we could book a profit of 30 points each twice during the trading session.
1) The Elder Ray readings : Bull Power rises from -24 to -21 Bear Power reduces from -88 to -73 confirming that the Nifty is in a trading mode before resuming its directional bias. For today, the Bulls need to take the Nifty over 5320 to regain their lost grounds whereas the Bears need to take the Nifty below 5230 to maintain their downwards momentum.
2) The Nifty has now closed below all its key EMAs and also its 50DMA, which is at 5260 currently.
3) The stochastics are in the oversold zone and are pointing horizontally.
Bears have gained momentum, but still need to do more to gain control on Nifty.As discussed yesterday, the series started with a trading mode, giving traders a chance to buy on dips as well as sell on rise. However, by the end of day, the bears gained some momentum, and the Nifty closed lower with a loss of 57 points. This trading mode setup seems to continue even today, if the Bears are not able to stamp their control and close the Nifty below 5200.1) The Elder Ray readings : Bull Power reduces from +5 to -24 Bear Power rises from -83 to -89 indicating that the Bulls are out of their safe zone after a long time and may strike back given a small chance. For today, the Bulls need to take the Nifty above 5320 to regain their lost grounds whereas the Bears need to take the Nifty below 5225 to maintain their downwards momentum.2) The Nifty has again closed below all its key EMAs and above all its key DMAs, confirming the trading mode.3) The stochastics are again in the oversold zone and are pointing downwards. 4) In the above chart, the volumes remain above average with the Nifty coming down, indicating that the down-move may sustain. The MACD is in the positive and is falling confirming the downtrend. The MACD histogram is also in the negative. The ADX is showing a bias towards the Bears, with a mildly rising momentum. The Parabolic SAR continues with its sell signal with a SL now pegged at 5413.5) Considering the above, our trading plan for the day is as under.a) Below 5280, we will open fresh short positions with a SL of 5305 and a target of 5225. We will add to these short positions only below 5210.b) Around 5220, we will open fresh long positions with a SL of 5210 and a target of 5260. We will add to these long positions only above 5305.Happy Trading !!! For cash market recommendations see our Daily Pre Market calls on NSE
Bears have gained momentum, but still need to do more to gain control on Nifty.
As discussed yesterday, the series started with a trading mode, giving traders a chance to buy on dips as well as sell on rise. However, by the end of day, the bears gained some momentum, and the Nifty closed lower with a loss of 57 points. This trading mode setup seems to continue even today, if the Bears are not able to stamp their control and close the Nifty below 5200.
1) The Elder Ray readings : Bull Power reduces from +5 to -24 Bear Power rises from -83 to -89 indicating that the Bulls are out of their safe zone after a long time and may strike back given a small chance. For today, the Bulls need to take the Nifty above 5320 to regain their lost grounds whereas the Bears need to take the Nifty below 5225 to maintain their downwards momentum.
2) The Nifty has again closed below all its key EMAs and above all its key DMAs, confirming the trading mode.
3) The stochastics are again in the oversold zone and are pointing downwards.
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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.
