Nifty continues to be selling on every rise, but finds supports at key EMA levels.
As discussed on Friday, the Sell on Rise asserted yet again, as the Nifty gyrated within a 50 point range between the high of 6175 and the low of 6126 during the entire trading session and closing with a loss of 19 points at 6145.
1) The Elder Ray readings : Bull Power reduces from +159 to +74 Bear Power rises from +49 to +25 indicating that the Bears are crawling back to normalcy where as the Bulls seem to be hit by some amount of complacency. For today, the Bulls need to overcome the levels of 6180 to maintain their upwards momentum whereas the Bears need to breach the levels of 6115 to regain their lost grounds.
2) The stochastics are on the verge of falling down from 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 remained subdued with the Nifty falling marginally, indicating caution on the part of the traders. The MACD continues to threaten a breakdown but is still not indicating it clearly. The ADX is suggesting a fall in the Bullish momentum and a rise in the Bearish momentum. The Parabolic SAR continues with its buy signal with the SL now raised at 6071.
5) Considering the above, our trading plan for the day is as under.
a) Around 6185 we will open fresh short positions with a SL of 6215 and a target of 6120. We will add to these short positions only below 6075.
b) Around 6100 we will open fresh long positions with a SL of 6075 and a target of 6165. We will add to these long positions only above 6215.
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 Sell on Rise asserted yet again, as the Nifty gyrated within a 50 point range between the high of 6175 and the low of 6126 during the entire trading session and closing with a loss of 19 points at 6145.
1) The Elder Ray readings : Bull Power reduces from +159 to +74 Bear Power rises from +49 to +25 indicating that the Bears are crawling back to normalcy where as the Bulls seem to be hit by some amount of complacency. For today, the Bulls need to overcome the levels of 6180 to maintain their upwards momentum whereas the Bears need to breach the levels of 6115 to regain their lost grounds.
2) The stochastics are on the verge of falling down from 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 remained subdued with the Nifty falling marginally, indicating caution on the part of the traders. The MACD continues to threaten a breakdown but is still not indicating it clearly. The ADX is suggesting a fall in the Bullish momentum and a rise in the Bearish momentum. The Parabolic SAR continues with its buy signal with the SL now raised at 6071.
5) Considering the above, our trading plan for the day is as under.
a) Around 6185 we will open fresh short positions with a SL of 6215 and a target of 6120. We will add to these short positions only below 6075.
b) Around 6100 we will open fresh long positions with a SL of 6075 and a target of 6165. We will add to these long positions only above 6215.
Happy Trading !!!
Also visit Just Nifty and the Nifty Range blogs.
For cash market recommendations see our Daily Pre Market calls on NSE
No comments:
Post a Comment
Please add your comments here. Comments will be moderated.