After a intra-day shocker, Bulls stage a comeback to make yet another new high.As discussed yesterday, the healthy consolidation on the Nifty, gathered some volatility by increasing the trading range on both the sides. The Nifty opened with a positive gap of 26 points and immediately nosedived below the previous day's lows to find a new bottom near 5840 and then the Bulls in a late evening swing took the Nifty past its highs to close at 5931. Our trading plan (a) got triggered twice. First time it hit the SL and we had to book a loss of 25 points. Second time we hit the target and made 65 points.1) The Elder Ray readings : Bull Power rises from +146 to +148 Bear Power also rises from +120 to +45 indicating that the Bears have failed to make good of the chance to regain their footing yesterday. For today, the Bulls need to overcome the levels of 5965 to maintain their upwards momentum whereas the Bears need to breach the levels of 5820 to regain their lost grounds.2) The Nifty again closed well above its key EMAs and 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 sustainence of the up-move. The MACD is rising along with the histogram being in the positive. The ADX is suggesting a reduction in momentum for the up-move and a rise in momentum for the down-move. The Parabolic SAR continues with its buy signal. 5) Considering the above, our trading plan for the day is as under.a) Around 5980 we will open fresh short positions with a SL of 6000 and a target of 5900. We will add to these short positions only below 5875.b) Around 5890 we will open fresh long positions with a SL of 5875 and a target of 5955. We will add to these long positions only above 6000.Happy Trading !!! Also visit Just Nifty and the Nifty Range blogs.For cash market recommendations see our Daily Pre Market calls on NSE
After a intra-day shocker, Bulls stage a comeback to make yet another new high.
As discussed yesterday, the healthy consolidation on the Nifty, gathered some volatility by increasing the trading range on both the sides. The Nifty opened with a positive gap of 26 points and immediately nosedived below the previous day's lows to find a new bottom near 5840 and then the Bulls in a late evening swing took the Nifty past its highs to close at 5931. Our trading plan (a) got triggered twice. First time it hit the SL and we had to book a loss of 25 points. Second time we hit the target and made 65 points.
1) The Elder Ray readings : Bull Power rises from +146 to +148 Bear Power also rises from +120 to +45 indicating that the Bears have failed to make good of the chance to regain their footing yesterday. For today, the Bulls need to overcome the levels of 5965 to maintain their upwards momentum whereas the Bears need to breach the levels of 5820 to regain their lost grounds.
2) The Nifty again closed well above its key EMAs and all its key DMAs.
3) The stochastics continue to remain in the overbought zone.
Nifty consolidates in a tight range as the Bulls hold on their grip.As discussed in our last post, the Nifty showed signs of exhaustion by moving in a very tight range for the last two trading sessions. We had also suggested that the Bulls are still in control, and as such, all minor dips were swiftly bought into, and the Nifty continued to make newer highs albeit with very minor gains. We took a day off yesterday, and it seems we have not missed much of the action.1) The Elder Ray readings : Bull Power rises from +145 to +146 Bear Power reduces from +109 to +120 indicating that the Bulls hold the drivers seat on the Nifty as of now. For today, the Bulls need to overcome the levels of 5940 to maintain their upwards momentum, whereas the Bears need to breach the levels of 5800 to regain their lost grounds.2) The Nifty continues to close well 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 reduced but are increasing with the minor ups in the Nifty indicating positive movements ahead. The MACD is now rising and the histogram is showing some flattening out, indicating high time for the Bulls to keep up the momentum. The ADX is showing a rise in 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 5875 we will open fresh long positions with a SL of 5850 and a target of 5935. We will add to these long positions only above 5950.b) Around 5940 we will open fresh short positions with a SL of 5950 and a target of 5900. We will add to these short positions only below 5850.Happy Trading !!! Also visit Just Nifty and the Nifty Range blogs.For cash market recommendations see our Daily Pre Market calls on NSE
Nifty consolidates in a tight range as the Bulls hold on their grip.
As discussed in our last post, the Nifty showed signs of exhaustion by moving in a very tight range for the last two trading sessions. We had also suggested that the Bulls are still in control, and as such, all minor dips were swiftly bought into, and the Nifty continued to make newer highs albeit with very minor gains. We took a day off yesterday, and it seems we have not missed much of the action.
1) The Elder Ray readings : Bull Power rises from +145 to +146 Bear Power reduces from +109 to +120 indicating that the Bulls hold the drivers seat on the Nifty as of now. For today, the Bulls need to overcome the levels of 5940 to maintain their upwards momentum, whereas the Bears need to breach the levels of 5800 to regain their lost grounds.
2) The Nifty continues to close well above all its key EMAs and also above all its key DMAs.
3) The stochastics continue to remain in the overbought zone.
Bulls stop for a breather. Nifty may correct a bit, but Bulls still in control.As discussed yesterday, the Bullish up-move continued albeit not unabated. The Nifty opened flat and immediately touched almost 5900, where profit booking set in and the Nifty drifted a bit lower. However, the Bears were not able to push down the Nifty enough and in a late evening burst of energy, the Nifty regained almost all the lost grounds. None of our trading plans got triggered, and we were happy sitting on the sidelines, watching the Nifty gyrate in a narrow band.1) The Elder Ray readings : Bull Power reduces from +182 to +172 Bear Power also reduces from +125 to +128 indicating that the Bulls are still in control and have just stopped a bit for a breather. For today, the Bulls need to overcome the levels of 5925 to maintain their upwards momentum, whereas the Bears need to breach the Nifty below 5755 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 are well into the overbought zone and are showing a minor diversion. 4) In the above chart, the volumes have decreased with a small fall in the Nifty indicating that a healthy consolidation is on. The MACD continues to rise along with the histogram. The ADX is showing a bit of loss of momentum for the up-move, however the down-move is not gaining any momentum. The Parabolic SAR continues with its buy signal.5) Considering the above, our trading plan for the day is as under.a) Around 5845 we will open fresh long positions with a SL of 5830 and a target of 5910. We will add to these long positions only above 5935.
b) Around 5920 we will open fresh short positions with a SL of 5935 and a target of 5865. We will add to these short positions only below 5830.
Happy Trading !!! Also visit Just Nifty and the Nifty Range blogs.For cash market recommendations see our Daily Pre Market calls on NSE
Bulls stop for a breather. Nifty may correct a bit, but Bulls still in control.
As discussed yesterday, the Bullish up-move continued albeit not unabated. The Nifty opened flat and immediately touched almost 5900, where profit booking set in and the Nifty drifted a bit lower. However, the Bears were not able to push down the Nifty enough and in a late evening burst of energy, the Nifty regained almost all the lost grounds. None of our trading plans got triggered, and we were happy sitting on the sidelines, watching the Nifty gyrate in a narrow band.
1) The Elder Ray readings : Bull Power reduces from +182 to +172 Bear Power also reduces from +125 to +128 indicating that the Bulls are still in control and have just stopped a bit for a breather. For today, the Bulls need to overcome the levels of 5925 to maintain their upwards momentum, whereas the Bears need to breach the Nifty below 5755 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 are well into the overbought zone and are showing a minor diversion.
As every intra-day fall gets bought into, 5950 seems to be a logical target now.As discussed in our last post, the Bulls takeover the Nifty, we saw the Nifty open with a minor up gap of 11 points and then build up on it through out the day giving quite a few intra-day falls which got quickly bought into. At the end, the Nifty formed yet another yearly high before closing at 5880 with a gain of 55 points. Our trading plan (b) got triggered thrice during the trading session, never met the target, but got us a average profit of 25 points (a total of 50 points) and once hit the SL with a loss of 10 points.1) The Elder Ray readings : Bull Power rises from +160 to +182 Bear Power reduces from +63 to +125 indicating the strength of the grip and the momentum with the Bulls. For today, the Bulls need to overcome the levels of 5920 to maintain their upwards momentum whereas the Bears need to breach the levels of 5720 to regain their lost grounds.2) The Nifty has closed much above all its key EMAs and also above all its key DMAs.3) The stochastics are in the overbought zone but are not yet showing any signs of exhaustion. 4) In the above chart, the volumes keep on increasing with every rise in the Nifty, indicating greater sustaining power in this current up-move. The MACD is also now rising with the histogram rising into the positive range. The ADX is also suggesting a rise in 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 5845 we will open fresh long positions with a SL of 5830 and a target of 5910. We will add to these long positions only above 5935.b) Around 5920 we will open fresh short positions with a SL of 5935 and a target of 5865. We will add to these short positions only below 5830.Happy Trading !!! Also visit Just Nifty and the Nifty Range blogs.For cash market recommendations see our Daily Pre Market calls on NSE
As every intra-day fall gets bought into, 5950 seems to be a logical target now.
As discussed in our last post, the Bulls takeover the Nifty, we saw the Nifty open with a minor up gap of 11 points and then build up on it through out the day giving quite a few intra-day falls which got quickly bought into. At the end, the Nifty formed yet another yearly high before closing at 5880 with a gain of 55 points. Our trading plan (b) got triggered thrice during the trading session, never met the target, but got us a average profit of 25 points (a total of 50 points) and once hit the SL with a loss of 10 points.
1) The Elder Ray readings : Bull Power rises from +160 to +182 Bear Power reduces from +63 to +125 indicating the strength of the grip and the momentum with the Bulls. For today, the Bulls need to overcome the levels of 5920 to maintain their upwards momentum whereas the Bears need to breach the levels of 5720 to regain their lost grounds.
2) The Nifty has closed much above all its key EMAs and also above all its key DMAs.
3) The stochastics are in the overbought zone but are not yet showing any signs of exhaustion.
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