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Friday 9 November 2012

Nifty - 09 Nov 2012 - Bulls retain their grip

The Nifty evades a major fall in spite of weak global cues. Bullish up trend on.

As discussed yesterday, it was a litmus test for the Bulls owing to very weak global cues. The Nifty opened with a whopping 50 point gap down, yet never really traded below the opening mark and closed at 5739 recovering 30 points of the loss by the end of the trading session. Our plan (a) triggered on the up side and we could book a mild profit of 25 points during that trade.

1) The Elder Ray readings : Bull Power reduces from +87 to +47 Bear Power rises from +21 to -3 indicating that the Bears have now regained their territory and must work hard to retain that with them. For today the Bulls need to overcome the levels of 5755 to maintain their upwards momentum whereas the Bears need to breach the levels of 5695 to maintain their downwards momentum.

2) The Nifty has yet again closed above all its key EMAs and also above all its key DMAs.

3) The stochastics are in the overbought zone and are pointing downwards now.

 


4) In the above chart the volumes have increased indicating that there is buying interest at lower levels on the Nifty. The MACD continues to indicate a upward move with the Histogram now coming back to the positive zone. The ADX is suggesting some loss of momentum for the up move but still favors the bulls. The Parabolic SAR continues with its buy signal.

5) Considering the above our trading plan for the day is as under.

a) Around 5710 we will open fresh long positions with a SL of 5690 and a target of 5760. We will add to these long positions only above 5785.

b) Around 5775 we will open fresh short positions with a SL of 5785 and a target of 5730. We will add to these short positions only below 5690.

Happy Trading !!!       

Also visit Just Nifty and the Nifty Range blogs.


For cash market recommendations see our Daily Pre Market calls on NSE

Nifty - 09 Nov 2012 - Bulls retain their grip

The Nifty evades a major fall in spite of weak global cues. Bullish up trend on.

As discussed yesterday, it was a litmus test for the Bulls owing to very weak global cues. The Nifty opened with a whopping 50 point gap down, yet never really traded below the opening mark and closed at 5739 recovering 30 points of the loss by the end of the trading session. Our plan (a) triggered on the up side and we could book a mild profit of 25 points during that trade.

1) The Elder Ray readings : Bull Power reduces from +87 to +47 Bear Power rises from +21 to -3 indicating that the Bears have now regained their territory and must work hard to retain that with them. For today the Bulls need to overcome the levels of 5755 to maintain their upwards momentum whereas the Bears need to breach the levels of 5695 to maintain their downwards momentum.

2) The Nifty has yet again closed above all its key EMAs and also above all its key DMAs.

3) The stochastics are in the overbought zone and are pointing downwards now.

Thursday 8 November 2012

Nifty - 08 Nov 2012 - Litmus test of Bulls

Just after confirming a breakout, Bulls faced with acid test of weak global cues.

As discussed yesterday, a breakout was possible on the Nifty and that breakout did occur after the initial hiccups in the morning session. The Nifty opened with a 6 point gap down, but swiftly recovered all the losses and gained momentum to touch 5777 before closing at 5760 with a gain of 36 points. The Nifty confirmed a breakout with a close above the 5730 5750 resistance band. However, weak global cues are pointing towards a weak opening and Bulls have a tough task of defending yesterday's lows and must give a close above 5750 again.

1) The Elder Ray readings : Bull Power rises from +52 to +87 Bear Power reduces from +15 to +24 indicating that the Nifty is under the spell of the Bulls. For today, the Bulls need to overcome the levels of 5785 to maintain their upwards momentum whereas the Bears need to breach the levels of 5690 on the Nifty 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 increased with the rise in the Nifty indicating that the up move may be sustainable. The MACD has just triggered on the upside with the red line crossing the blue line on the upside. The ADX is suggesting a really strong momentum for the up move. The Parabolic SAR continues with its Buy signal.

5) Considering the above, our trading plan for the day is as under.

a) Around 5720 we will open fresh long positions with a SL of 5700 and a target of 5790. We will add to these long positions only above 5805.

b) Around 5795 we will open fresh short positions with a SL of 5805 and a target of 5750. We will add to these short positions only below 5700.

Happy Trading !!!     

Also visit Just Nifty and the Nifty Range blogs.


For cash market recommendations see our Daily Pre Market calls on NSE

Nifty - 08 Nov 2012 - Litmus test of Bulls

Just after confirming a breakout, Bulls faced with acid test of weak global cues.

As discussed yesterday, a breakout was possible on the Nifty and that breakout did occur after the initial hiccups in the morning session. The Nifty opened with a 6 point gap down, but swiftly recovered all the losses and gained momentum to touch 5777 before closing at 5760 with a gain of 36 points. The Nifty confirmed a breakout with a close above the 5730 5750 resistance band. However, weak global cues are pointing towards a weak opening and Bulls have a tough task of defending yesterday's lows and must give a close above 5750 again.

1) The Elder Ray readings : Bull Power rises from +52 to +87 Bear Power reduces from +15 to +24 indicating that the Nifty is under the spell of the Bulls. For today, the Bulls need to overcome the levels of 5785 to maintain their upwards momentum whereas the Bears need to breach the levels of 5690 on the Nifty 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.

Wednesday 7 November 2012

Nifty - 07 Nov 2012 - Breakout still a possibility

Nifty continues to push at the top of the trading range in an attempted breakout.

As discussed yesterday, the Nifty was at the top of the trading range. The Nifty opened with a 10 point gap down and then made several attempts at the 5730 5750 resistance band during the trading session, all through never really breaching 5690. The Nifty closed just below the resistance band at 5724 with a gain of 20 points. This has been a 5th consecutive positive close. 

1) The Elder Ray readings : Bull Power rises from +38 to +52 Bear Power reduces from +9 to +15 indicating the grip of the Bulls that exists on the Nifty. For today, the Bulls need to overcome the levels of 5740 to maintain their upwards momentum whereas the Bears need to breach the levels of 5680 on the Nifty 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 have got back into the overbought zone within 9 trading sessions and with abysmally low trading volumes.

 


4) In the above chart the volumes continue to remain low with a small rise in the Nifty indicating the lack of participation. The MACD continues to show a positive divergence but still not triggering a positive buy signal. The MACD histogram continues in the negative. The ADX continues to show favor to the up move. The Parabolic SAR continues to give out its buy signal.

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 5740. We will add to these long positions only above 5770.

b) Around 5740 we will open fresh short positions with a SL of 5770 and a target of 5710. We will add to these short positions only below 5680.

Happy Trading !!!      

Also visit Just Nifty and the Nifty Range blogs.



For cash market recommendations see our Daily Pre Market calls on NSE

Nifty - 07 Nov 2012 - Breakout still a possibility

Nifty continues to push at the top of the trading range in an attempted breakout.

As discussed yesterday, the Nifty was at the top of the trading range. The Nifty opened with a 10 point gap down and then made several attempts at the 5730 5750 resistance band during the trading session, all through never really breaching 5690. The Nifty closed just below the resistance band at 5724 with a gain of 20 points. This has been a 5th consecutive positive close. 

1) The Elder Ray readings : Bull Power rises from +38 to +52 Bear Power reduces from +9 to +15 indicating the grip of the Bulls that exists on the Nifty. For today, the Bulls need to overcome the levels of 5740 to maintain their upwards momentum whereas the Bears need to breach the levels of 5680 on the Nifty 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 have got back into the overbought zone within 9 trading sessions and with abysmally low trading volumes.

Tuesday 6 November 2012

Nifty - 06 Nov 2012 - Top end of the range

Nifty pauses yet again near the top of the trading range. May attempt breakout.

As discussed yesterday, we saw the presence of the Bullish Undertone that prevailed on the Nifty, with the Nifty, in-spite of weak global cues, opening with just a mild down gap of 5 points, then trading in a very narrow band below the 5700 mark, and in the last hour of trade, bouncing back and again pausing near the resistance band of 5730 5750. Today, it has yet another bright chance of staging a breakout, which it has missed since last few weeks now.

1) The Elder Ray readings : Bull Power reduces from +46 to +38 Bear Power rises from +17 to +9 indicating that the Bulls have loosened a bit but the Bears are also nearer to their safe zone now. For today, the Bulls need to overcome the levels of 5715 to maintain their upwards momentum whereas the Bears need to breach the Nifty below 5670 to regain their lost grounds.

2) The Nifty has closed yet again above all its key EMAs and also above all its key DMAs.

3) The stochastics are fast approaching the overbought zone.

 


4) In the above chart, the volumes have decreased with the small rise in the Nifty, indicating that the Breakout attempt may fizzle out yet again. The MACD continues to show a positive divergence in favor of the Bulls. The ADX also suggests a loss of momentum for the Bulls, but still favors the up move. The Parabolic SAR continues with its Buy signal.

5) Considering the above, our trading plan for the day is as under.

a) Above 5680 we will open fresh long positions with a SL of 5655 and a target of 5720. We will add to these long positions only above 5750.

b) Around 5730 we will open fresh short positions with a SL of 5750 and a target of 5690. We will add to these short positions only below 5650.

Happy Trading !!!      

Also visit Just Nifty and the Nifty Range blogs.


For cash market recommendations see our Daily Pre Market calls on NSE

Nifty - 06 Nov 2012 - Top end of the range

Nifty pauses yet again near the top of the trading range. May attempt breakout.

As discussed yesterday, we saw the presence of the Bullish Undertone that prevailed on the Nifty, with the Nifty, in-spite of weak global cues, opening with just a mild down gap of 5 points, then trading in a very narrow band below the 5700 mark, and in the last hour of trade, bouncing back and again pausing near the resistance band of 5730 5750. Today, it has yet another bright chance of staging a breakout, which it has missed since last few weeks now.

1) The Elder Ray readings : Bull Power reduces from +46 to +38 Bear Power rises from +17 to +9 indicating that the Bulls have loosened a bit but the Bears are also nearer to their safe zone now. For today, the Bulls need to overcome the levels of 5715 to maintain their upwards momentum whereas the Bears need to breach the Nifty below 5670 to regain their lost grounds.

2) The Nifty has closed yet again above all its key EMAs and also above all its key DMAs.

3) The stochastics are fast approaching the overbought zone.

Monday 5 November 2012

Nifty - 05 Nov 2012 - Bullish undertone prevails

Nifty will retain its Bullish undertone till it holds 5660. Buy on dips for now.


As discussed on Friday, Bulls needed to follow up on their buying to retain their grip on the Nifty. Aided by strong and positive global cues, the Nifty opened with a 51 point gap up and then maitained that gap throughout the trading day. The only blemish for the Bulls was that they were not able to build up on that gap and could not cross that hump in the region of 5730 5750. For today, as long as 5660 is held, the chances of the Bulls crossing that hump in the near future hold good.

1) The Elder Ray readings : Bull Power rises from -10 to +46 Bear Power reduces from -58 to +17, indicating that in one swift move, the Bulls not only have regained their lost territory, but also have got the Bears on the wrong side now. For today, the Bulls need to overcome the levels of 5720 on the Nifty to maintain their upwards momentum, whereas the Bears need to breach the levels of 5660 on the Nifty to regain their lost grounds.

2) The Nifty has closed above all its key EMAs and also above all its key DMAs.

3) The stochastics are in the neutral zone and are pointing upwards.

 


4) In the above chart, the volumes have remained stagnant with the Nifty forming a Doji, indicative of the equilibrium in the market. The MACD is falling but is showin some signs of recovery, indicating that a fresh Bullish up move may be on the cards. The ADX is suggesting a fast rise in the Bullish momentum and the Parabolic SAR continues with its buy signal.

5) Considering the above, our trading plan for the day is as under.

a) Around 5665 we will open fresh long positions with a SL of 5645 and a target of 5725. We will add to these long positions only above 5745.

b) Around 5735 we will open fresh short positions with a SL of 5745 and a target of 5700. We will add to these short positions only below 5645.

Happy Trading !!!      

Also visit Just Nifty and the Nifty Range blogs.



For cash market recommendations see our Daily Pre Market calls on NSE

Nifty - 05 Nov 2012 - Bullish undertone prevails

Nifty will retain its Bullish undertone till it holds 5660. Buy on dips for now.


As discussed on Friday, Bulls needed to follow up on their buying to retain their grip on the Nifty. Aided by strong and positive global cues, the Nifty opened with a 51 point gap up and then maitained that gap throughout the trading day. The only blemish for the Bulls was that they were not able to build up on that gap and could not cross that hump in the region of 5730 5750. For today, as long as 5660 is held, the chances of the Bulls crossing that hump in the near future hold good.

1) The Elder Ray readings : Bull Power rises from -10 to +46 Bear Power reduces from -58 to +17, indicating that in one swift move, the Bulls not only have regained their lost territory, but also have got the Bears on the wrong side now. For today, the Bulls need to overcome the levels of 5720 on the Nifty to maintain their upwards momentum, whereas the Bears need to breach the levels of 5660 on the Nifty to regain their lost grounds.

2) The Nifty has closed above all its key EMAs and also above all its key DMAs.

3) The stochastics are in the neutral zone and are pointing upwards.

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.