As the month ends & a fresh series starts, Bulls takeover charge of the Nifty.As discussed yesterday, we expected Expiry Jitters on the Nifty. However, the Bulls had other ideas and after a minor gap up opening, the Bulls never really gave up and the Nifty swiftly crossed our threshold of 5775 and hit a new yearly high and even closed near thereabouts. Part b of our trading plan (a) came active within a few minutes and we could book out with a profit of 50 points by the end of the day.1) The Elder Ray readings : Bull Power rises from +85 to +160 Bear Power reduces from +10 to +63 indicating that the Bulls are now firmly in the drivers seat and the Bears are way behind now. For today, the Bulls need to overcome the levels of 5850 to maintain their upwards momentum whereas the Bears need to breach the Nifty below 5680 to regain their lost grounds.2) The Nifty has closed above all its key EMAs and also above all its key DMAs. Also now the DMAs & the EMAs are stacked properly in favor of the Bulls.3) The fast stochastics are well into the overbought zone while the slow stochastics follow behind in the neutral zone. 4) In the above chart, the volumes have increased with the rise in the Nifty making this up move quite sustainable. The MACD has now risen with the histogram coming above the zero line. The ADX continues to favor the up move with an indication of a rising momentum. The Parabolic SAR continues with its buy signal.5) Considering the above, our trading plan for the day is as under.a) Around 5800 we will open fresh long positions with a SL of 5775 and a target of 5860. We will add to these long positions only above 5880.b) Around 5865 we will open fresh short positions with a SL of 5880 and a target of 5810. We will add to these short positions only below 5775.Happy Trading !!! Also visit Just Nifty and the Nifty Range blogs.For cash market recommendations see our Daily Pre Market calls on NSE
As the month ends & a fresh series starts, Bulls takeover charge of the Nifty.
As discussed yesterday, we expected Expiry Jitters on the Nifty. However, the Bulls had other ideas and after a minor gap up opening, the Bulls never really gave up and the Nifty swiftly crossed our threshold of 5775 and hit a new yearly high and even closed near thereabouts. Part b of our trading plan (a) came active within a few minutes and we could book out with a profit of 50 points by the end of the day.
1) The Elder Ray readings : Bull Power rises from +85 to +160 Bear Power reduces from +10 to +63 indicating that the Bulls are now firmly in the drivers seat and the Bears are way behind now. For today, the Bulls need to overcome the levels of 5850 to maintain their upwards momentum whereas the Bears need to breach the Nifty below 5680 to regain their lost grounds.
2) The Nifty has closed above all its key EMAs and also above all its key DMAs. Also now the DMAs & the EMAs are stacked properly in favor of the Bulls.
3) The fast stochastics are well into the overbought zone while the slow stochastics follow behind in the neutral zone.
Nifty stages a breakout just before expiry, only to meet roadblocks ahead.As discussed in our last post, the squeezing of the trading range that continued, resolved itself as the Nifty staged a smart break out and marched ahead smartly to overcome 5700 and straight into the resistance zone of 5730 5750. As the Nifty swept past 5680, the part b of our trading plan (a) got triggered and we could book a profit of 45 points by the end of the day.1) The Elder Ray readings : Bull Power rises from +14 to +85 Bear Power reduces from -11 to +10, indicating that the Bulls are now in the drivers seat, however, the Bears are not far away. For today, the Bulls need to overcome the levels of 5745 to maintain their upwards momentum whereas the Bears need to breach the levels of 5655 to regain their lost grounds.2) The Nifty has closed above all its key EMAs and also above all its key DMAs.3) The fast stochastics are now almost touching the overbought zone, with the slow stochastics still in the neutral zone. 4) In the above chart, the volumes have increased with the rise in the Nifty, indicating that this up-move may sustain. The MACD is now rising and the histogram is at zero. The ADX is also suggesting a rising momentum for 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 5695 we will open fresh long positions with a SL of 5680 and a target of 5760. 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 5715. 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 stages a breakout just before expiry, only to meet roadblocks ahead.
As discussed in our last post, the squeezing of the trading range that continued, resolved itself as the Nifty staged a smart break out and marched ahead smartly to overcome 5700 and straight into the resistance zone of 5730 5750. As the Nifty swept past 5680, the part b of our trading plan (a) got triggered and we could book a profit of 45 points by the end of the day.
1) The Elder Ray readings : Bull Power rises from +14 to +85 Bear Power reduces from -11 to +10, indicating that the Bulls are now in the drivers seat, however, the Bears are not far away. For today, the Bulls need to overcome the levels of 5745 to maintain their upwards momentum whereas the Bears need to breach the levels of 5655 to regain their lost grounds.
2) The Nifty has closed above all its key EMAs and also above all its key DMAs.
3) The fast stochastics are now almost touching the overbought zone, with the slow stochastics still in the neutral zone.
Nifty continues to get squeezed in a tight range bringing it to a no trade zone.In our yesterday's post, we had suggested Nifty may turn volatile due to expiry jitters. However, the markets chose to remain sideways in a even tighter trading range, with the Nifty again closing below its opening mark although with a minor positive above its previous close. None of our trading plans got triggered as the Nifty now moved into a no trading zone.1) The Elder Ray readings : Bull Power rises from +3 to +14 Bear Power reduces from -41 to -11 indicating that both the Bulls and the Bears are equidistant and safe in their respective territories. For today, the Bulls need to overcome the levels of 5655 to maintain their upwards momentum whereas the Bears need to breach the levels of 5620 to maintain their downwards momentum.2) The Nifty has now closed above its 8EMA and also its 13EMA however it is below its 21EMA. The Nifty is above its 100DMA and also its 200DMA, however it is below its 50DMA.3) The stochastics are having a slight look up from the oversold zone. 4) In the above chart, the volumes remain on the lower side with the Nifty being in a tight range, indicating further tightening of the trading range. The MACD is showing a slight positive divergence. The ADX is suggesting equal weight-age for both the up-move as well as the down-move with a falling momentum. The Parabolic SAR continues with its Buy signal.5) Considering the above, our trading plan for the day is as under.a) Around 5605 we will open fresh long positions with a SL of 5590 and a target of 5660. We will add to these long positions only above 5680.b) Around 5665 we will open fresh short positions with a SL of 5680 and a target of 5625. We will add to these short positions only below 5590.Happy Trading !!! Also visit Just Nifty and the Nifty Range blogs.For cash market recommendations see our Daily Pre Market calls on NSE
Nifty continues to get squeezed in a tight range bringing it to a no trade zone.
In our yesterday's post, we had suggested Nifty may turn volatile due to expiry jitters. However, the markets chose to remain sideways in a even tighter trading range, with the Nifty again closing below its opening mark although with a minor positive above its previous close. None of our trading plans got triggered as the Nifty now moved into a no trading zone.
1) The Elder Ray readings : Bull Power rises from +3 to +14 Bear Power reduces from -41 to -11 indicating that both the Bulls and the Bears are equidistant and safe in their respective territories. For today, the Bulls need to overcome the levels of 5655 to maintain their upwards momentum whereas the Bears need to breach the levels of 5620 to maintain their downwards momentum.
2) The Nifty has now closed above its 8EMA and also its 13EMA however it is below its 21EMA. The Nifty is above its 100DMA and also its 200DMA, however it is below its 50DMA.
3) The stochastics are having a slight look up from the oversold zone.
Nifty grinds further in a narrow range. May turn volatile owing to expiry jitters.As discussed on Friday, Nifty seemed to be getting ready for a big move. However, the Nifty chose to grind in a narrow range of 45 points. The Nifty opened a bit higher, gave away all the gains, only to close below the opening mark and give out a red candle on the chart. The Bears managed to break the previous day's low while the Bulls failed to overcome the previous day's high, which should be noted. Our plan (a) triggered and in the late evening surge, gave us a profit of 30 points without hitting our SL.1) The Elder Ray readings : Bull Power reduces from +7 to +3 Bear Power rises from -28 to -41 indicating that the Bears have now restarted their gains. For today, the Bulls need to overcome the levels of 5645 to retain their upwards momentum, whereas the Bears need to breach the levels of 5590 on the Nifty to maintain their downwards momentum.2) The Nifty has yet again closed above its 8EMA but below its 13EMA and 21EMA. It has also closed below its 50DMA but above its 100DMA and 200DMA.3) The stochastics are in the neutral region and are pointing flat. 4) In the above chart, the volumes remain low with the Nifty remaining stagnant, indicating a big move lurching round the corner. The MACD continues to fall and the histogram continues in the negative. The ADX continues to favor the downtrend. The Parabolic SAR continues with its buy signal.5) Considering the above, our trading plan for the day is as under.a) Around 5655 we will open fresh short positions with a SL of 5675 and a target of 5610. We will add to these short positions only below 5580.b) Around 5600 we will open fresh long positions with a SL of 5580 and a target of 5640. We will add to these long positions only above 5675.Happy Trading !!! Also visit Just Nifty and the Nifty Range blogs.For cash market recommendations see our Daily Pre Market calls on NSE
Nifty grinds further in a narrow range. May turn volatile owing to expiry jitters.
As discussed on Friday, Nifty seemed to be getting ready for a big move. However, the Nifty chose to grind in a narrow range of 45 points. The Nifty opened a bit higher, gave away all the gains, only to close below the opening mark and give out a red candle on the chart. The Bears managed to break the previous day's low while the Bulls failed to overcome the previous day's high, which should be noted. Our plan (a) triggered and in the late evening surge, gave us a profit of 30 points without hitting our SL.
1) The Elder Ray readings : Bull Power reduces from +7 to +3 Bear Power rises from -28 to -41 indicating that the Bears have now restarted their gains. For today, the Bulls need to overcome the levels of 5645 to retain their upwards momentum, whereas the Bears need to breach the levels of 5590 on the Nifty to maintain their downwards momentum.
2) The Nifty has yet again closed above its 8EMA but below its 13EMA and 21EMA. It has also closed below its 50DMA but above its 100DMA and 200DMA.
3) The stochastics are in the neutral region and are pointing flat.
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