Nifty makes yet another 24 month high and a higher close. Bulls rule the roost.
As discussed on Friday, the Bull run continued, with opening with a 20 point positive gap up and maintaining that gain throughout the entire session, making a higher high and a higher low. The Nifty made a high of 6083 before closing at 6064 with a gain of 25 points. Our trading plan (b) got triggered and we booked out well in time with a minor profit of 15 points.
1) The Elder Ray readings : Bull Power rises from +63 to +83 Bear Power reduces from -2 to +48 indicating that the Bears lost a wonderful chance of returning to safety due to lack of followup by them. For today the Bulls need to overcome the levels of 6095 to maintain their upwards momentum whereas the Bears need to breach the levels of 6005 to regain their lost grounds.
2) The Nifty has closed well above all its key EMAs and also above all its key DMAs.
3) The stochastics are right on the boundary of the overbought zone.
4) In the above chart, the volumes have increased with the rise in the Nifty indicating that the rise may sustain. The MACD continues to be flat but positive. The ADX is showing a rise in the momentum for the up move. The Parabolic SAR continues with its buy signal with a SL now pegged at 5988.
5) Considering the above, our trading plan for the day is as under.
a) Around 6040 we will open fresh long positions with a SL of 6015 and a target of 6090. We will add to these long positions only above 6110.
b) Around 6100 we will open fresh short positions with a SL of 6110 and a target of 6060. We will add to these short positions only below 6015.
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, the Bull run continued, with opening with a 20 point positive gap up and maintaining that gain throughout the entire session, making a higher high and a higher low. The Nifty made a high of 6083 before closing at 6064 with a gain of 25 points. Our trading plan (b) got triggered and we booked out well in time with a minor profit of 15 points.
1) The Elder Ray readings : Bull Power rises from +63 to +83 Bear Power reduces from -2 to +48 indicating that the Bears lost a wonderful chance of returning to safety due to lack of followup by them. For today the Bulls need to overcome the levels of 6095 to maintain their upwards momentum whereas the Bears need to breach the levels of 6005 to regain their lost grounds.
2) The Nifty has closed well above all its key EMAs and also above all its key DMAs.
3) The stochastics are right on the boundary of the overbought zone.
4) In the above chart, the volumes have increased with the rise in the Nifty indicating that the rise may sustain. The MACD continues to be flat but positive. The ADX is showing a rise in the momentum for the up move. The Parabolic SAR continues with its buy signal with a SL now pegged at 5988.
5) Considering the above, our trading plan for the day is as under.
a) Around 6040 we will open fresh long positions with a SL of 6015 and a target of 6090. We will add to these long positions only above 6110.
b) Around 6100 we will open fresh short positions with a SL of 6110 and a target of 6060. We will add to these short positions only below 6015.
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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