As the Nifty closes at yet another high, the Bullish up move continues unabated.
As discussed on Friday, Bulls continued to hold the sway as the Nifty, after a mildly positive opening, mimicked a sell off, but the Bears could not breach the previous day's lows through out the entire trading session and the Bulls in the last hour of trade took the Nifty past the previous day's highs to register a new high at 6021 and give yet another higher closing value at 6016. Our trading plan (a) got triggered, did not hit the SL but also did not meet its target and we could book a small profit of 25 points by the end of the day.
1) The Elder Ray readings : Bull Power reduces from +96 to +86 Bear Power rises from +65 to +47 indicating that the Bulls are still holding the trump cards with the Bears yet out of their safe zone. For today, the Bulls need to overcome the levels of 6035 to maintain their upwards momentum whereas the Bears need to breach the levels of 5950 to regain their lost grounds.
2) The Nifty continues to close out above all its key EMAs and also above all its key DMAs.
3) The stochastics are well and deep into the overbought zone.
4) In the above chart, the volumes are rising with the rise in the Nifty indicating a sustainable up move ahead for now. The MACD is also indicating positive movements ahead with the histogram also rising in the positive. The ADX is suggesting a loss of momentum for the up move, but still favors the Bulls over the Bears. The Parabolic SAR continues its buy signal with the SL of 5846.
5) Considering the above, our trading plan for the day is as under.
a) Around 5995, we will open fresh long positions with a SL of 5975 and a target of 6035. We will add to these long positions only above 6060.
b) Around 6045, we will open fresh short positions with a SL of 6060 and a target of 6005. We will add to these short positions only below 5975.
Happy Trading !!!
Also visit Just Nifty and the Nifty Range blogs.
For cash market recommendations see our Daily Pre Market calls on NSE
As discussed on Friday, Bulls continued to hold the sway as the Nifty, after a mildly positive opening, mimicked a sell off, but the Bears could not breach the previous day's lows through out the entire trading session and the Bulls in the last hour of trade took the Nifty past the previous day's highs to register a new high at 6021 and give yet another higher closing value at 6016. Our trading plan (a) got triggered, did not hit the SL but also did not meet its target and we could book a small profit of 25 points by the end of the day.
1) The Elder Ray readings : Bull Power reduces from +96 to +86 Bear Power rises from +65 to +47 indicating that the Bulls are still holding the trump cards with the Bears yet out of their safe zone. For today, the Bulls need to overcome the levels of 6035 to maintain their upwards momentum whereas the Bears need to breach the levels of 5950 to regain their lost grounds.
2) The Nifty continues to close out above all its key EMAs and also above all its key DMAs.
3) The stochastics are well and deep into the overbought zone.
4) In the above chart, the volumes are rising with the rise in the Nifty indicating a sustainable up move ahead for now. The MACD is also indicating positive movements ahead with the histogram also rising in the positive. The ADX is suggesting a loss of momentum for the up move, but still favors the Bulls over the Bears. The Parabolic SAR continues its buy signal with the SL of 5846.
5) Considering the above, our trading plan for the day is as under.
a) Around 5995, we will open fresh long positions with a SL of 5975 and a target of 6035. We will add to these long positions only above 6060.
b) Around 6045, we will open fresh short positions with a SL of 6060 and a target of 6005. We will add to these short positions only below 5975.
Happy Trading !!!
Also visit Just Nifty and the Nifty Range blogs.
For cash market recommendations see our Daily Pre Market calls on NSE
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