Bulls continue to hold control on the Nifty. Higher tops may be formed soon.
As discussed yesterday, there were bullish traits that remained on the Nifty, which unfolded in the trading session. The Nifty opened flat, swiftly breached the previous day's lows and just before our plan(a) was triggered, the Nifty turned around and as swiftly hit the target of 6025. The Nifty made a intraday high of 6053 before closing at 6039 with a gain of 37 points. Our plan(b) got triggered and hit its SL and we booked a minor loss of 15 points.
1) The Elder Ray readings : Bull Power reduces from +74 to +63 Bear Power rises from +11 to -2 indicating that the Bears have now recovered but the Bulls are yet much stronger. For today, the Bulls need to overcome the levels of 6060 to maintain their upwards momentum whereas the Bears need to breach the levels of 5990 to retain their downwards momentum.
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.
4) In the above chart, the volumes have increased with the rise in the Nifty indicating that the up move may continue for now. The MACD continues to remain flat and indicate equilibrium. The ADX is suggesting loss of momentum for both the Bulls and the Bears but is favoring the Bulls as yet. The Parabolic SAR continues with its buy signal with a SL now at 5976.
5) Considering the above our trading plan for the day is as under.
a) Around 6015 we will open fresh long positions with a SL of 5990 and a target of 6065. We will add to these long positions only above 6085.
b) Around 6075 we will open fresh short positions with a SL of 6085 and a target of 6025. We will add to these short positions only below 5990.
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 yesterday, there were bullish traits that remained on the Nifty, which unfolded in the trading session. The Nifty opened flat, swiftly breached the previous day's lows and just before our plan(a) was triggered, the Nifty turned around and as swiftly hit the target of 6025. The Nifty made a intraday high of 6053 before closing at 6039 with a gain of 37 points. Our plan(b) got triggered and hit its SL and we booked a minor loss of 15 points.
1) The Elder Ray readings : Bull Power reduces from +74 to +63 Bear Power rises from +11 to -2 indicating that the Bears have now recovered but the Bulls are yet much stronger. For today, the Bulls need to overcome the levels of 6060 to maintain their upwards momentum whereas the Bears need to breach the levels of 5990 to retain their downwards momentum.
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.
4) In the above chart, the volumes have increased with the rise in the Nifty indicating that the up move may continue for now. The MACD continues to remain flat and indicate equilibrium. The ADX is suggesting loss of momentum for both the Bulls and the Bears but is favoring the Bulls as yet. The Parabolic SAR continues with its buy signal with a SL now at 5976.
5) Considering the above our trading plan for the day is as under.
a) Around 6015 we will open fresh long positions with a SL of 5990 and a target of 6065. We will add to these long positions only above 6085.
b) Around 6075 we will open fresh short positions with a SL of 6085 and a target of 6025. We will add to these short positions only below 5990.
Happy Trading !!!
Also visit Just Nifty and the Nifty Range blogs.
For cash market recommendations see our Daily Pre Market calls on NSE
Trading plan(b) has got triggered as Nifty moved below 6075.
ReplyDeleteOpened fresh short position with a SL of 6085.
Waiting for targets of 30 points at least.
Booked out shorts at 6060 with a small 15 point profit.
ReplyDeleteNow waiting for other opportunity.