As the Nifty stands at the cross roads, the short term trend may get set today.As discussed yesterday, Nifty got back into its trading zone, with the Nifty opening with a positive gap of 28 points, and then rising to 6005 (which was our suggested level of resistance), before getting down to 5947 (just below our suggested level of support) and closing at 5969 with a loss of 2 points. Our trading plan(b) got triggered in the morning session, hit its target. Then our trading plan(b) got triggered and on the whole we booked a profit of 55 points.1) The Elder Ray readings : Bull Power reduces from +66 to +49 Bear Power rises from +5 to -9 indicating that now the Bears have regained their safe zone and we could have a new short term down trend. For today, the Bulls need to overcome the levels of 6010 to maintain their upwards momentum whereas the Bears need to breach the levels of 5945 to maintain their downwards momentum.2) The Nifty has closed below its 8EMA (5972) but above its other key EMAs and also above all its key DMAs.3) The stochastics are in the neutral zone and are pointing horizontal. 4) In the above chart, the volumes have slightly reduced with the small fall in the Nifty indicating that the up move may not have come to an end yet. The MACD is showing a small negative divergence, which could get clarified by the day's end today. The ADX is showing a favor to the up move as yet. The Parabolic SAR continues with its buy call with the SL now at 5910.5) Considering the above, our trading plan is as under.a) Around 5935 we will open fresh long positions with a SL of 5925 and a target of 5975. We will add to these long positions only above 6010.b) Around 6000 we will open fresh short positions with a SL of 6010 and a target of 5965. We will add to these short positions only below 5925.Happy Trading !!! Also visit Just Nifty and the Nifty Range blogs.For cash market recommendations see our Daily Pre Market calls on NSE
As the Nifty stands at the cross roads, the short term trend may get set today.
As discussed yesterday, Nifty got back into its trading zone, with the Nifty opening with a positive gap of 28 points, and then rising to 6005 (which was our suggested level of resistance), before getting down to 5947 (just below our suggested level of support) and closing at 5969 with a loss of 2 points. Our trading plan(b) got triggered in the morning session, hit its target. Then our trading plan(b) got triggered and on the whole we booked a profit of 55 points.
1) The Elder Ray readings : Bull Power reduces from +66 to +49 Bear Power rises from +5 to -9 indicating that now the Bears have regained their safe zone and we could have a new short term down trend. For today, the Bulls need to overcome the levels of 6010 to maintain their upwards momentum whereas the Bears need to breach the levels of 5945 to maintain their downwards momentum.
2) The Nifty has closed below its 8EMA (5972) but above its other key EMAs and also above all its key DMAs.
3) The stochastics are in the neutral zone and are pointing horizontal.
Nifty makes yet another trading range for itself, aiming at newer highs soon.As discussed yesterday, the Bullish bias remained in the Nifty in the morning trade yesterday as the Nifty opened with a minor up gap of 5 points and then went on to cross the previous day's high. However, it met resistance just below our suggested levels and got sold off late in the trading hours to breach the previous day's lows and close at 5972 just below our suggested buying level. None of our trading plans got triggered.1) The Elder Ray readings : Bull Power rises from +56 to +66 Bear Power also rises from +14 to +5 indicating that though the Bears have tried their best, they have missed on regaining their territory. For today, the Bulls need to overcome the levels of 6025 to maintain their upwards momentum whereas the Bears need to breach the levels of 5955 to regain their lost grounds.2) The Nifty has closed just below its 8EMA (5974) but above its other key EMAs and also above all its key DMAs.3) The stochastics are in the neutral zone and a pointing towards a down move. 4) In the above chart, the volumes have increased with the fall in the Nifty indicating that the fall may sustain. The MACD is just short of showing a negative divergence, indicating that the up move has paused but not reversed. The ADX is showing favor towards the up move. The Parabolic SAR continues with its buy signal with the SL now at 5896.5) Considering the above, our trading plan for the day is as under.a) Around 5955 we will open fresh long positions with a SL of 5930 and a target of 6000. We will add to these long positions only above 6015.b) Around 6005 we will open fresh short positions with a SL of 6015 and a target of 5965. We will add to these short positions only below 5930.Happy Trading !!! Also visit Just Nifty and the Nifty Range blogs.For cash market recommendations see our Daily Pre Market calls on NSE
Nifty makes yet another trading range for itself, aiming at newer highs soon.
As discussed yesterday, the Bullish bias remained in the Nifty in the morning trade yesterday as the Nifty opened with a minor up gap of 5 points and then went on to cross the previous day's high. However, it met resistance just below our suggested levels and got sold off late in the trading hours to breach the previous day's lows and close at 5972 just below our suggested buying level. None of our trading plans got triggered.
1) The Elder Ray readings : Bull Power rises from +56 to +66 Bear Power also rises from +14 to +5 indicating that though the Bears have tried their best, they have missed on regaining their territory. For today, the Bulls need to overcome the levels of 6025 to maintain their upwards momentum whereas the Bears need to breach the levels of 5955 to regain their lost grounds.
2) The Nifty has closed just below its 8EMA (5974) but above its other key EMAs and also above all its key DMAs.
3) The stochastics are in the neutral zone and a pointing towards a down move.
Nifty continues to dip and get bought into, as Bulls maintain their control.As discussed yesterday, the short-lived correction ended in the afternoon trade yesterday itself. The Nifty opened with a minor negative down gap of 5 points and then drifted down to 5964 where it found support and in the late afternoon swing took off the day's highs to reach 6007 before closing at 6002. None of our trading plans got triggered, though the Nifty reached within handshaking distance of both the trading plans. We thought it better to sit out the consolidation phase.1) The Elder Ray readings : Bull Power reduces from +100 to +56 Bear Power rises from +35 to + 14 indicating that the Bears are now within striking distance of their safe zone and that the Bulls need to do much work now. For today, the Bulls need to overcome the levels of 6015 to maintain their upwards momentum where as the Bears need to breach the levels of 5960 to regain their lost grounds.2) The Nifty continues to close above all its key EMAs and also above all its key DMAs.3) The stochastics continue to remain in the overbought zone. 4) In the above chart, the volumes have remained stagnant with the rise in the Nifty indicating bullish sentiments ahead. The MACD continues to be positive. The ADX is suggesting a loss of momentum for the up move but is still favoring the Bulls. The Parabolic SAR continues with its Buy signal with a SL at 5879 now.5) Considering the above, our trading plan for the day is as under.a) Around 5975 we will open fresh long positions with a SL of 5960 and a target of 6025. We will add to these long positions only above 6045.b) Around 6030 we will open fresh short positions with a SL of 6045 and a target of 5995. We will add to these short positions only below 5960.Happy Trading !!! Also visit Just Nifty and the Nifty Range blogs.For cash market recommendations see our Daily Pre Market calls on NSE
Nifty continues to dip and get bought into, as Bulls maintain their control.
As discussed yesterday, the short-lived correction ended in the afternoon trade yesterday itself. The Nifty opened with a minor negative down gap of 5 points and then drifted down to 5964 where it found support and in the late afternoon swing took off the day's highs to reach 6007 before closing at 6002. None of our trading plans got triggered, though the Nifty reached within handshaking distance of both the trading plans. We thought it better to sit out the consolidation phase.
1) The Elder Ray readings : Bull Power reduces from +100 to +56 Bear Power rises from +35 to + 14 indicating that the Bears are now within striking distance of their safe zone and that the Bulls need to do much work now. For today, the Bulls need to overcome the levels of 6015 to maintain their upwards momentum where as the Bears need to breach the levels of 5960 to regain their lost grounds.
2) The Nifty continues to close above all its key EMAs and also above all its key DMAs.
3) The stochastics continue to remain in the overbought zone.
After a healthy profit booking session, Nifty seems ready to make newer highs yet.As discussed yesterday, Bulls continued to move up the Nifty by opening the Nifty with a 26 point positive gap up. However, this was right into our suggested sell levels, and the Nifty saw profit booking emerge. The Nifty then sold off to make a low of 5977 before closing at 5988. During the trading session, both the Bulls made a new high and the Bears breached the previous day's lows, enhancing credence of both the parties. Our trading plan (b) got triggered and we could book out with a profit of 35 points as our target was met.1) The Elder Ray readings : Bull Power rises from +86 to +100 Bear Power also rises from +47 to +35 indicating that the Bears have still some more hard work to do. For today, the Bulls need to overcome the levels of 6050 to maintain their upwards momentum whereas the Bears need to breach the levels of 5945 to regain their lost grounds.2) The Nifty has yet again closed above all its key EMAs and also above all its key DMAs.3) The stochastics are still in the overbought zone and are now pointing downwards. 4) In the above chart the volumes have reduced with the fall in the Nifty indicating that this fall may get arrested soon. The MACD continues to remain positive along with the histogram too remaining above the zero line. The ADX is suggesting strengthening of the up move. The Parabolic SAR continues to give out its buy signal with a SL of 5861.5) Considering the above, our trading plan for the day is as under.a) Around 5955 we will open fresh long positions with a SL of 5940 and a target of 6010. We will add to these long positions only above 6030.b) Around 6015 we will open fresh short positions with a SL of 6030 and a target of 5995. We will add to these short positions only below 5940.Happy Trading !!! Also visit Just Nifty and the Nifty Range blogs.For cash market recommendations see our Daily Pre Market calls on NSE
After a healthy profit booking session, Nifty seems ready to make newer highs yet.
As discussed yesterday, Bulls continued to move up the Nifty by opening the Nifty with a 26 point positive gap up. However, this was right into our suggested sell levels, and the Nifty saw profit booking emerge. The Nifty then sold off to make a low of 5977 before closing at 5988. During the trading session, both the Bulls made a new high and the Bears breached the previous day's lows, enhancing credence of both the parties. Our trading plan (b) got triggered and we could book out with a profit of 35 points as our target was met.
1) The Elder Ray readings : Bull Power rises from +86 to +100 Bear Power also rises from +47 to +35 indicating that the Bears have still some more hard work to do. For today, the Bulls need to overcome the levels of 6050 to maintain their upwards momentum whereas the Bears need to breach the levels of 5945 to regain their lost grounds.
2) The Nifty has yet again closed above all its key EMAs and also above all its key DMAs.
3) The stochastics are still in the overbought zone and are now pointing downwards.
As the Nifty closes at yet another high, the Bullish up move continues unabated.As discussed on Friday, Bulls continued to hold the sway as the Nifty, after a mildly positive opening, mimicked a sell off, but the Bears could not breach the previous day's lows through out the entire trading session and the Bulls in the last hour of trade took the Nifty past the previous day's highs to register a new high at 6021 and give yet another higher closing value at 6016. Our trading plan (a) got triggered, did not hit the SL but also did not meet its target and we could book a small profit of 25 points by the end of the day.1) The Elder Ray readings : Bull Power reduces from +96 to +86 Bear Power rises from +65 to +47 indicating that the Bulls are still holding the trump cards with the Bears yet out of their safe zone. For today, the Bulls need to overcome the levels of 6035 to maintain their upwards momentum whereas the Bears need to breach the levels of 5950 to regain their lost grounds.2) The Nifty continues to close out above all its key EMAs and also above all its key DMAs.3) The stochastics are well and deep into the overbought zone. 4) In the above chart, the volumes are rising with the rise in the Nifty indicating a sustainable up move ahead for now. The MACD is also indicating positive movements ahead with the histogram also rising in the positive. The ADX is suggesting a loss of momentum for the up move, but still favors the Bulls over the Bears. The Parabolic SAR continues its buy signal with the SL of 5846.5) Considering the above, our trading plan for the day is as under.a) Around 5995, we will open fresh long positions with a SL of 5975 and a target of 6035. We will add to these long positions only above 6060.b) Around 6045, we will open fresh short positions with a SL of 6060 and a target of 6005. We will add to these short positions only below 5975.Happy Trading !!! Also visit Just Nifty and the Nifty Range blogs.For cash market recommendations see our Daily Pre Market calls on NSE
As the Nifty closes at yet another high, the Bullish up move continues unabated.
As discussed on Friday, Bulls continued to hold the sway as the Nifty, after a mildly positive opening, mimicked a sell off, but the Bears could not breach the previous day's lows through out the entire trading session and the Bulls in the last hour of trade took the Nifty past the previous day's highs to register a new high at 6021 and give yet another higher closing value at 6016. Our trading plan (a) got triggered, did not hit the SL but also did not meet its target and we could book a small profit of 25 points by the end of the day.
1) The Elder Ray readings : Bull Power reduces from +96 to +86 Bear Power rises from +65 to +47 indicating that the Bulls are still holding the trump cards with the Bears yet out of their safe zone. For today, the Bulls need to overcome the levels of 6035 to maintain their upwards momentum whereas the Bears need to breach the levels of 5950 to regain their lost grounds.
2) The Nifty continues to close out above all its key EMAs and also above all its key DMAs.
3) The stochastics are well and deep into the overbought zone.
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