Bulls do not show follow up buying, Bears trying to get their foot in.As discussed yesterday, Bulls tried to take away the Nifty, however a lack of follow up buying ensured that the Nifty got bogged down and breached the previous day's lows before finally closing with a loss of 13 points. Our trading plan (a) got triggered and we were able to book out at the end of day with a profit of 10 points.1) The Elder Ray readings : Bull Power reduces from +72 to +63 Bear Power rises from +43 to +7 indicating that if the Bulls do not act now, the Bears will regain their footing. For today, the Bulls need to overcome the levels of 5950 to maintain their upwards momentum whereas the Bears need to breach the Nifty below 5880 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 just below the overbought zone and are pointing downwards now.4) In the above chart the volumes have decreased with the fall in the Nifty indicating that this could just be profit booking. The MACD has again turned negative indicating that this could be start of a new down move. The ADX is also suggesting a loss of momentum for the up move and a gain in momentum for the down move. The Parabolic SAR continues with its sell call with a SL at 5949 now.5) Considering the above, our trading plan for the day is as under.a) Around 5885 we will open fresh long positions with a SL of 5870 and a target of 5940. We will add to these long positions only above 5965. b) Around 5945 we will open fresh short positions with a SL of 5965 and a target of 5910. We will add to these short positions only below 5870.Happy Trading !!! Also visit Just Nifty and the Nifty Range blogs.For cash market recommendations see our Daily Pre Market calls on NSE
Bulls do not show follow up buying, Bears trying to get their foot in.
As discussed yesterday, Bulls tried to take away the Nifty, however a lack of follow up buying ensured that the Nifty got bogged down and breached the previous day's lows before finally closing with a loss of 13 points. Our trading plan (a) got triggered and we were able to book out at the end of day with a profit of 10 points.
1) The Elder Ray readings : Bull Power reduces from +72 to +63 Bear Power rises from +43 to +7 indicating that if the Bulls do not act now, the Bears will regain their footing. For today, the Bulls need to overcome the levels of 5950 to maintain their upwards momentum whereas the Bears need to breach the Nifty below 5880 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 just below the overbought zone and are pointing downwards now.
Nifty breaks equilibrium on the up side, but just. More followup needed.As discussed yesterday, the Nifty, which was in equilibrium, aided by strong global cues, broke out on the up side. However, there were not much gains after this positive opening, making one to wait for more upside confirmation now. Our trading plan (a) got triggered, but did not meet its target neither its SL, and we had to book out at the end of day with a small loss of 5 points.1) The Elder Ray readings : Bull Power rises from +49 to +72 Bear Power reduces from -34 to +43 indicating that the Bulls have got stronger and that the Bears are now out of their safe zone. For today, the Bulls need to overcome the levels of 5955 to maintain their upwards momentum whereas the Bears need to breach the levels of 5870 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 just below the overbought zone and are pointing upwards now. 4) In the above chart, the volumes have remained stagnant with the Nifty gaining in value, indicating strength in the up move but warranting caution. The MACD remains non-committal with the histogram hovering around the zero line. The ADX suggests a rise in momentum for the up move, while the Parabolic SAR continues with its sell signal with a SL of 5954.5) Considering the above, our trading plan for the day is as under.a) Around 5900 we will open fresh long positions with a SL of 5880 and a target of 5950. We will add to these long positions only above 5975.b) Around 5955 we will open fresh short positions with a SL of 5975 and a target of 5910. We will add to these short positions only below 5880.Happy Trading !!! Also visit Just Nifty and the Nifty Range blogs.For cash market recommendations see our Daily Pre Market calls on NSE
Nifty breaks equilibrium on the up side, but just. More followup needed.
As discussed yesterday, the Nifty, which was in equilibrium, aided by strong global cues, broke out on the up side. However, there were not much gains after this positive opening, making one to wait for more upside confirmation now. Our trading plan (a) got triggered, but did not meet its target neither its SL, and we had to book out at the end of day with a small loss of 5 points.
1) The Elder Ray readings : Bull Power rises from +49 to +72 Bear Power reduces from -34 to +43 indicating that the Bulls have got stronger and that the Bears are now out of their safe zone. For today, the Bulls need to overcome the levels of 5955 to maintain their upwards momentum whereas the Bears need to breach the levels of 5870 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 just below the overbought zone and are pointing upwards now.
Bears break lows, Bulls breach highs, Nifty maintains equilibrium awaiting followup.In our yesterday's post, we had suggested that "Nifty maintains equilibrium". As such, the Nifty opened with a positive gap of 16 points and then the Bears dragged it down to breach the previous day's lows to 5823, where the Nifty found support and the Bulls then took it away to 5906, overcoming the previous day's highs, before closing at 5897 with a gain of 39 points. Our trading plan (b) got triggered first and it also met its target, giving us a profit of 40 points. Later, our trading plan (a) got triggered. It did not meet the SL, however, we booked out at end of day with a small loss of 5 points.1) The Elder Ray readings : Bull Power rises from +36 to +49 Bear Power also rises from 0 to -34 indicating that the Nifty is still in equilibrium and that one of the sides needs a follow up today. For today, the Bulls need to overcome the levels of 5915 to maintain their upwards momentum, whereas the Bears need to breach the Nifty below 5825 to maintain their downwards momentum.2) The Nifty has closed above all its key EMAs and also above all its key DMAs, indicating that the Bulls are having a upper hand as of now.3) The stochastics are still just below the overbought zone and are pointing downwards, indicating that the Bears might strike any moment. 4) In the above chart, the volumes have increased with the rise in the Nifty indicating that this up move can sustain. The MACD has triggered on the down side and the histogram has indeed turned negative. The ADX is suggesting a loss of momentum for the up move and a rise in momentum for the down move. The Parabolic SAR continues with its sell call with a SL now at 5960.5) Considering the above, our trading plan for the day is as under.a) Around 5930 we will open fresh short positions with a SL of 5950 and a target of 5875. We will add to these short positions only below 5850.b) Around 5870 we will open fresh long positions with a SL of 5850 and a target of 5920. We will add to these long positions only above 5950.Happy Trading !!! Also visit Just Nifty and the Nifty Range blogs.For cash market recommendations see our Daily Pre Market calls on NSE
Bears break lows, Bulls breach highs, Nifty maintains equilibrium awaiting followup.
In our yesterday's post, we had suggested that "Nifty maintains equilibrium". As such, the Nifty opened with a positive gap of 16 points and then the Bears dragged it down to breach the previous day's lows to 5823, where the Nifty found support and the Bulls then took it away to 5906, overcoming the previous day's highs, before closing at 5897 with a gain of 39 points. Our trading plan (b) got triggered first and it also met its target, giving us a profit of 40 points. Later, our trading plan (a) got triggered. It did not meet the SL, however, we booked out at end of day with a small loss of 5 points.
1) The Elder Ray readings : Bull Power rises from +36 to +49 Bear Power also rises from 0 to -34 indicating that the Nifty is still in equilibrium and that one of the sides needs a follow up today. For today, the Bulls need to overcome the levels of 5915 to maintain their upwards momentum, whereas the Bears need to breach the Nifty below 5825 to maintain their downwards momentum.
2) The Nifty has closed above all its key EMAs and also above all its key DMAs, indicating that the Bulls are having a upper hand as of now.
3) The stochastics are still just below the overbought zone and are pointing downwards, indicating that the Bears might strike any moment.
Bulls & Bears maintain a cautious equilibrium on the eve of the RBI Policy.As discussed yesterday, the Nifty exhibited all nuances of being in the trading mode. After opening with a negative gap of 20 points, the Nifty traded within a range of 36 points for the entire session, without breaching either the previous day's high or the previous day's low. Finally, the Nifty closed with a loss of 22 points. None of our trading plans were triggered, and we were happy sitting on the sidelines.1) The Elder Ray readings : Bull Power reduces from +37 to +36 Bear Power also reduces from -10 to 0 indicating that both the Bulls and the Bears have maintained a cautious view and have protected their positions. For today, the Bulls need to overcome the levels of 5890 to maintain their upwards momentum, whereas the Bears need to breach the levels of 5845 to maintain their downwards momentum.2) The Nifty has closed below its 8EMA (5870). However, the Nifty has closed above its 13EMA and its 21EMA. The Nifty has also closed above all its key DMAs.3) The stochastics are hovering just below the overbought zone and are pointing downwards. 4) In the above chart, the volumes have decreased with a minimal movement in the Nifty indicating caution on parts of the participants. The MACD is just about to trigger a Sell call, however, it has not triggered yet. The Histogram, although diminishing, is still in the positive. The ADX is showing a loss of momentum for both the Bulls and the Bears, but is favoring the Bulls as of now. The Parabolic SAR is giving out a sell signal with a SL of 5963.5) Considering the above, our trading plan for the day is as under.a) Around 5890 we will open fresh short positions with a SL of 5910 and a target of 5840. We will add to these short positions only below 5805.b) Around 5835 we will open fresh long positions with a SL of 5805 and a target of 5870. We will add to these long positions only above 5910.Happy Trading !!! Also visit Just Nifty and the Nifty Range blogs.For cash market recommendations see our Daily Pre Market calls on NSE
Bulls & Bears maintain a cautious equilibrium on the eve of the RBI Policy.
As discussed yesterday, the Nifty exhibited all nuances of being in the trading mode. After opening with a negative gap of 20 points, the Nifty traded within a range of 36 points for the entire session, without breaching either the previous day's high or the previous day's low. Finally, the Nifty closed with a loss of 22 points. None of our trading plans were triggered, and we were happy sitting on the sidelines.
1) The Elder Ray readings : Bull Power reduces from +37 to +36 Bear Power also reduces from -10 to 0 indicating that both the Bulls and the Bears have maintained a cautious view and have protected their positions. For today, the Bulls need to overcome the levels of 5890 to maintain their upwards momentum, whereas the Bears need to breach the levels of 5845 to maintain their downwards momentum.
2) The Nifty has closed below its 8EMA (5870). However, the Nifty has closed above its 13EMA and its 21EMA. The Nifty has also closed above all its key DMAs.
3) The stochastics are hovering just below the overbought zone and are pointing downwards.
As both the Bulls & the Bears fight it out, Nifty in neutral zone again.As discussed on Friday, the Bears did get a look in, however they were not able to capitalize on the chance and the Bulls staged a comeback, to close the Nifty near the day highs, indicating their intentions of taking Nifty to higher levels. However, it is to be noted that the Bears were able to breach the previous day's low and the Bulls were not able to overcome the previous day's high. Our trading plan (a) got triggered and we could book a profit of 25 points before our trailing SL was hit.1) The Elder Ray readings : Bull Power reduces from +64 to +37 Bear Power rises from -3 to -10 indicating that in spite of the mild comeback, the Bulls have not regained their entire momentum. For today, the Bulls need to overcome the levels of 5895 to retain their upwards momentum whereas the Bears need to breach the Nifty below 5840 to retain their downwards momentum.2) The Nifty has managed to close above all its key EMAs and also above all its key DMAs, indicating a bias towards the Bulls.3) The stochastics are just below the overbought zone and are looking to fall. 4) In the above chart, the volumes have decreased with the rise in the Nifty indicating that the rise may not sustain. The MACD continues to fall but has not triggered a short yet. The MACD histogram continues to fall yet remain in the positive. The ADX is suggesting a continuous fall in the Bulls' momentum. The Parabolic SAR has now turned into a Sell call with a SL at 5965.5) Considering the above, our trading plan for the day is as under.a) Around 5915 we will open fresh short positions with a SL of 5930 and a target of 5855. We will add to these short positions only below 5830.b) Around 5845 we will open fresh long positions with a SL of 5830 and a target of 5890. We will add to these long positions only above 5930.Happy Trading !!! Also visit Just Nifty and the Nifty Range blogs.For cash market recommendations see our Daily Pre Market calls on NSE
As both the Bulls & the Bears fight it out, Nifty in neutral zone again.
As discussed on Friday, the Bears did get a look in, however they were not able to capitalize on the chance and the Bulls staged a comeback, to close the Nifty near the day highs, indicating their intentions of taking Nifty to higher levels. However, it is to be noted that the Bears were able to breach the previous day's low and the Bulls were not able to overcome the previous day's high. Our trading plan (a) got triggered and we could book a profit of 25 points before our trailing SL was hit.
1) The Elder Ray readings : Bull Power reduces from +64 to +37 Bear Power rises from -3 to -10 indicating that in spite of the mild comeback, the Bulls have not regained their entire momentum. For today, the Bulls need to overcome the levels of 5895 to retain their upwards momentum whereas the Bears need to breach the Nifty below 5840 to retain their downwards momentum.
2) The Nifty has managed to close above all its key EMAs and also above all its key DMAs, indicating a bias towards the Bulls.
3) The stochastics are just below the overbought zone and are looking to fall.
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