Bulls hold on to their footing as Nifty heads into series expiry today.
As discussed yesterday, although the Nifty was a bit subdued, we saw the equilibrium tilt towards the Bulls, as the Nifty held on to its previous day's lows and ended the day at near the high point of the day. The Nifty opened with a small positive gap of 9 points made a intraday high of 6125 and then consolidated for the entire day within a narrow trading range of 6070 and 6090. In a late afternoon rush, the Bulls took the Nifty past 6100 to close at 6104 with a small loss of 7 points by the end of the trading session. Our trading plan(a) triggered right in the morning, just kissed the SL levels, but we withstood that, and were able to book out with a small profit of 15 points.
1) The Elder Ray readings : Bull Power reduces from +65 to +57 Bear Power also reduces from -7 to +2 indicating that now the Bears are again out of their safe zone. For today, the Bulls need to overcome the levels of 6135 to maintain their upwards momentum, whereas the Bears need to breach the levels of 6065 to regain their lost grounds.
2) The stochastics are in the neutral zone and are pointing nowhere.
3) The Nifty has closed above all its key EMAs and also above all its key DMAs.
4) In the above chart, the volumes have decreased with the small fall in the Nifty, indicating that Nifty may not fall more from here. The MACD continues to remain pointing downwards, with the histogram also being in the negative. The ADX is suggesting loss of momentum for both the Bulls and the Bears, but still is favoring the Bulls. The Parabolic SAR continues with its sell signal with a SL of 6191.
5) Considering the above, our trading plan for the day is as under.
a) Around 6055 we will open fresh long positions with a SL of 6035 and a target of 6140. We will add to these long positions only above 6175.
b) Around 6150 we will open fresh short positions with a SL of 6175 and a target of 6100. We will add to these short positions only below 6035.
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, although the Nifty was a bit subdued, we saw the equilibrium tilt towards the Bulls, as the Nifty held on to its previous day's lows and ended the day at near the high point of the day. The Nifty opened with a small positive gap of 9 points made a intraday high of 6125 and then consolidated for the entire day within a narrow trading range of 6070 and 6090. In a late afternoon rush, the Bulls took the Nifty past 6100 to close at 6104 with a small loss of 7 points by the end of the trading session. Our trading plan(a) triggered right in the morning, just kissed the SL levels, but we withstood that, and were able to book out with a small profit of 15 points.
1) The Elder Ray readings : Bull Power reduces from +65 to +57 Bear Power also reduces from -7 to +2 indicating that now the Bears are again out of their safe zone. For today, the Bulls need to overcome the levels of 6135 to maintain their upwards momentum, whereas the Bears need to breach the levels of 6065 to regain their lost grounds.
2) The stochastics are in the neutral zone and are pointing nowhere.
3) The Nifty has closed above all its key EMAs and also above all its key DMAs.
4) In the above chart, the volumes have decreased with the small fall in the Nifty, indicating that Nifty may not fall more from here. The MACD continues to remain pointing downwards, with the histogram also being in the negative. The ADX is suggesting loss of momentum for both the Bulls and the Bears, but still is favoring the Bulls. The Parabolic SAR continues with its sell signal with a SL of 6191.
5) Considering the above, our trading plan for the day is as under.
a) Around 6055 we will open fresh long positions with a SL of 6035 and a target of 6140. We will add to these long positions only above 6175.
b) Around 6150 we will open fresh short positions with a SL of 6175 and a target of 6100. We will add to these short positions only below 6035.
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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