Nifty makes new highs with shallow falls, aiming for higher targets very soon.As discussed yesterday, we saw the uptrend remaining intact, with the Nifty opening with a 20 point gap up and then swiftly moving past our identified hurdle of 5780 and staying above it all throughout the trading session. During the course it also made a new 14 month high at 5807.1) The Elder Ray readings : Bull Power rises from +117 to +158 Bear Power reduces from +90 to +102 indicative of the strong momentum that the Bulls are having right now. For today, the Bulls need to take the Nifty above 5835 to maintain their upwards momentum, whereas the Bears need to breach the Nifty below 5650 to regain their lost grounds.2) The Nifty continues to close above all its key EMAs and also above all its key DMAs.3) The stochastics too continue to remain in the overbought zone. 4) In the above chart, the volumes have increased with the rise in the Nifty indicative of the sustainability of the current up move. The MACD is rising along with the MACD histogram. The ADX too is confirming the strengthening of the upwards momentum. The Parabolic SAR continues to give out its buy signal with the SL of 5700.5) Considering the above, our trading plan for the day is as under.a) Around 5760, we will open fresh long positions with a SL of 5735 and a target of 5820. We will add to these long positions only above 5840.b) Around 5825, we will open fresh short positions with a SL of 5840 and a target of 5785. We will add to these short positions only below 5735. Happy Trading !!!Also visit JustNifty and NiftyRange for more points of view on the Nifty. For cash market recommendations see our Daily Pre Market calls on NSE
Nifty makes new highs with shallow falls, aiming for higher targets very soon.
As discussed yesterday, we saw the uptrend remaining intact, with the Nifty opening with a 20 point gap up and then swiftly moving past our identified hurdle of 5780 and staying above it all throughout the trading session. During the course it also made a new 14 month high at 5807.
1) The Elder Ray readings : Bull Power rises from +117 to +158 Bear Power reduces from +90 to +102 indicative of the strong momentum that the Bulls are having right now. For today, the Bulls need to take the Nifty above 5835 to maintain their upwards momentum, whereas the Bears need to breach the Nifty below 5650 to regain their lost grounds.
2) The Nifty continues to close above all its key EMAs and also above all its key DMAs.
3) The stochastics too continue to remain in the overbought zone.
As the Nifty continues its Bullish Consolidation, the uptrend seems to be intact.As discussed yesterday, the Bulls continued their strong hold on the Nifty in a narrow ranged trading session, where the Nifty opened with a minor gap up and closed even higher than that opening mark, thus maintaining the up trend. During the past few trading sessions, the Nifty has been inching up slowly but steadily, and we expect this trend to continue as of now.1) The Elder Ray readings : Bull Power rises from +115 to +117 Bear Power reduces from +86 to +90, indicating the solid Bull grip that exists over the Nifty. For today, the Bulls need to take the Nifty above 5760 to maintain their upwards momentum whereas the Bears need to take the Nifty below 5645 to regain their lost grounds.2) The Nifty yet again closed above all its key EMAs and also above all its key DMAs.3) The stochastics are still in the overbought zone, confirming the up trend. 4) In the above chart, the volumes have increased with the rise in the Nifty confirming that the up move is sustainable. The MACD continues to rise with the Histogram remaining in the positive terrain. The ADX is also suggesting a strengthening of the up move, and the Parabolic SAR continues with its buy signal with the SL now pegged at 5674.5) Considering the above, our trading plan for the day is as under.a) Around 5700 we will open fresh long positions with a SL of 5680 and a target of 5765. We will add to these long positions only above 5780.b) Around 5770 we will open fresh short positions with a SL of 5780 and a target of 5730. We will add to these short positions only below 5675.Happy Trading !!!Also visit the JustNifty and the NiftyRange blogs for more view points on the Nifty. For cash market recommendations see our Daily Pre Market calls on NSE
As the Nifty continues its Bullish Consolidation, the uptrend seems to be intact.
As discussed yesterday, the Bulls continued their strong hold on the Nifty in a narrow ranged trading session, where the Nifty opened with a minor gap up and closed even higher than that opening mark, thus maintaining the up trend. During the past few trading sessions, the Nifty has been inching up slowly but steadily, and we expect this trend to continue as of now.
1) The Elder Ray readings : Bull Power rises from +115 to +117 Bear Power reduces from +86 to +90, indicating the solid Bull grip that exists over the Nifty. For today, the Bulls need to take the Nifty above 5760 to maintain their upwards momentum whereas the Bears need to take the Nifty below 5645 to regain their lost grounds.
2) The Nifty yet again closed above all its key EMAs and also above all its key DMAs.
3) The stochastics are still in the overbought zone, confirming the up trend.
Nifty continues to rise unabated as the Bulls look still quite strong.As discussed on Monday, the Nifty continued its up move, despite being in a narrow range trading between holidays. The Bears were never able to breach the previous day's lows and the Bulls were able to close the Nifty in the positive territory. A firm close above 5755 will charge up the Bulls for even higher levels now.1) The Elder Ray readings : Bull Power reduces from +145 to +115 Bear Power rises from +94 to +86 indicative of the Bullish consolidation that we had on Monday. For today, the Bulls need to overcome the levels of 5740 to maintain their upwards momentum, whereas the Bears need to breach the Nifty below 5625 to regain their lost grounds.2) The Nifty continues to close above all its key EMAs and also above all its key DMAs.3) The stochastics continue to remain in the overbought zone. 4) In the above chart, the volumes have decreased with a minor rise in the Nifty, indicating some weakness creeping in. The MACD continues to rise with the histogram in the positive zone. The ADX is suggesting some loss of momentum for the up move, however the Parabolic SAR continues with its buy signal with the SL now pegged at 5656.5) Considering the above, our trading plan for the day is as under.a) Above 5715 we will open fresh long positions with a SL of 5695 and a target of 5765. We will add to these long positions only above 5775.b) Around 5765 we will open fresh short positions with a SL of 5775 and a target of 5720. We will add to these short positions only below 5690.Happy Trading !!!Also view the JustNifty and the NiftyRange blogs, for other viewpoints on the Nifty. For cash market recommendations see our Daily Pre Market calls on NSE
Nifty continues to rise unabated as the Bulls look still quite strong.
As discussed on Monday, the Nifty continued its up move, despite being in a narrow range trading between holidays. The Bears were never able to breach the previous day's lows and the Bulls were able to close the Nifty in the positive territory. A firm close above 5755 will charge up the Bulls for even higher levels now.
1) The Elder Ray readings : Bull Power reduces from +145 to +115 Bear Power rises from +94 to +86 indicative of the Bullish consolidation that we had on Monday. For today, the Bulls need to overcome the levels of 5740 to maintain their upwards momentum, whereas the Bears need to breach the Nifty below 5625 to regain their lost grounds.
2) The Nifty continues to close above all its key EMAs and also above all its key DMAs.
3) The stochastics continue to remain in the overbought zone.
Nifty seems to be ready for a new up move after a brief consolidation.As discussed on Friday, after the expiry jitters, the Nifty was waiting for further direction. It got this direction on the upside, right at the opening mark with a positive gap of 35 points. The Nifty kept on building on this gap right through the morning session to make a new 14 month high at 5735, before we saw some amount of profit booking. The Nifty closed at 5703, with a gain of 54 points.1) The Elder Ray readings : Bull Power rises from +123 to +145 Bear Power reduces from +69 to +94 indicating the grip of the Bulls on the Nifty. For today, the Bulls need to soar the Nifty above 5755 to maintain their upwards momentum, whereas the Bears need to breach the Nifty below 5610 to regain their lost grounds.2) The Nifty continues to close above all its key EMAs and also above all its key DMAs.3) The stochastics continue to remain in the overbought zone. 4) In the above chart, the volumes have decreased with the Nifty being at a recent high, indicating of the profit booking. The MACD continues to rise, with the histogram also showing signs of a further rise. The ADX is also suggesting some rise in the bullish momentum. The Parabolic SAR continues to give out its buy signal with a SL of 5637.5) Considering the above, our trading plan for the day is as under.a) Around 5675 we will open fresh long positions with a SL of 5650 and a target of 5735. We will add to these long positions only above 5760.b) Around 5745 we will open fresh short positions with a SL of 5760 and a target of 5705. We will add to these short positions only below 5650.Happy Trading !!!Also check out JustNifty and NiftyRange for more views on Nifty For cash market recommendations see our Daily Pre Market calls on NSE
Nifty seems to be ready for a new up move after a brief consolidation.
As discussed on Friday, after the expiry jitters, the Nifty was waiting for further direction. It got this direction on the upside, right at the opening mark with a positive gap of 35 points. The Nifty kept on building on this gap right through the morning session to make a new 14 month high at 5735, before we saw some amount of profit booking. The Nifty closed at 5703, with a gain of 54 points.
1) The Elder Ray readings : Bull Power rises from +123 to +145 Bear Power reduces from +69 to +94 indicating the grip of the Bulls on the Nifty. For today, the Bulls need to soar the Nifty above 5755 to maintain their upwards momentum, whereas the Bears need to breach the Nifty below 5610 to regain their lost grounds.
2) The Nifty continues to close above all its key EMAs and also above all its key DMAs.
3) The stochastics continue to remain in the overbought zone.
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