Nifty continues its range bound consolidation and maintains the Bullish bias.
As discussed yesterday, the Bulls still need that final thrust. The Nifty opened gap down of 13 points at 6192 and traded in a very narrow range of less than 40 points for the entire trading session. However, having made a higher high and a higher low, technically the Nifty has maintained its bullish stance. None of our trades as planned got triggered and we were happy sitting out watching the trade terminal.
1) The Elder Ray readings : Bull Power reduces from +176 to +154 Bear Power rises from +120 to +116 indicating that the Bulls have retained their control and are ready for more. For today, the Bulls need to overcome the levels of 6245 to maintain their upwards momentum whereas the Bears need to breach the levels of 6090 to regain their lost grounds.
2) The stochastics continue to remain in the overbought zone.
3) The Nifty continues to close above all its key EMAs and also above all its key DMAs.
4) In the above chart the volumes have decreased with the Nifty remaining stagnant indicating caution in the minds of the traders. The MACD continues with its positive bias. The ADX is suggesting a loss of momentum for the Bulls. The Parabolic SAR continues with its Buy signal with the SL now raised to 5945.
5) Considering the above, our trading plan for the day is as under.
a) Around 6155 we will open fresh long positions with a SL of 6130 and a target of 6225. We will add to these long positions only above 6275.
b) Around 6250 we will open fresh short positions with a SL of 6275 and a target of 6170. We will add to these short positions only below 6130.
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, the Bulls still need that final thrust. The Nifty opened gap down of 13 points at 6192 and traded in a very narrow range of less than 40 points for the entire trading session. However, having made a higher high and a higher low, technically the Nifty has maintained its bullish stance. None of our trades as planned got triggered and we were happy sitting out watching the trade terminal.
1) The Elder Ray readings : Bull Power reduces from +176 to +154 Bear Power rises from +120 to +116 indicating that the Bulls have retained their control and are ready for more. For today, the Bulls need to overcome the levels of 6245 to maintain their upwards momentum whereas the Bears need to breach the levels of 6090 to regain their lost grounds.
2) The stochastics continue to remain in the overbought zone.
3) The Nifty continues to close above all its key EMAs and also above all its key DMAs.
4) In the above chart the volumes have decreased with the Nifty remaining stagnant indicating caution in the minds of the traders. The MACD continues with its positive bias. The ADX is suggesting a loss of momentum for the Bulls. The Parabolic SAR continues with its Buy signal with the SL now raised to 5945.
5) Considering the above, our trading plan for the day is as under.
a) Around 6155 we will open fresh long positions with a SL of 6130 and a target of 6225. We will add to these long positions only above 6275.
b) Around 6250 we will open fresh short positions with a SL of 6275 and a target of 6170. We will add to these short positions only below 6130.
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 (a) has triggered and have opened fresh intraday long position at 6155 with SL of 6130
ReplyDeleteSquared off at 6185 with a profit of 20 points.
ReplyDeleteDid not want to wait long looking at the overbought stochastics on the day time frame.
Part (b) of trading plan (b) has got triggered. Opened fresh short position at 6130 with SL of 6155
ReplyDeleteBooked out with a loss of 20 points as SL hit at 6150
ReplyDelete