Nifty - 18 Jan 2013 - Bull run continues

Bulls continue to hold control on the Nifty. Higher tops may be formed soon.

As discussed yesterday, there were bullish traits that remained on the Nifty, which unfolded in the trading session. The Nifty opened flat, swiftly breached the previous day's lows and just before our plan(a) was triggered, the Nifty turned around and as swiftly hit the target of 6025. The Nifty made a intraday high of 6053 before closing at 6039 with a gain of 37 points. Our plan(b) got triggered and hit its SL and we booked a minor loss of 15 points.

1) The Elder Ray readings : Bull Power reduces from +74 to +63 Bear Power rises from +11 to -2 indicating that the Bears have now recovered but the Bulls are yet much stronger. For today, the Bulls need to overcome the levels of 6060 to maintain their upwards momentum whereas the Bears need to breach the levels of 5990 to retain their downwards momentum.

2) The Nifty continues to close above all its key EMAs and also above all its key DMAs.

3) The stochastics are just below the overbought zone and are pointing upwards.

 

4) In the above chart, the volumes have increased with the rise in the Nifty indicating that the up move may continue for now. The MACD continues to remain flat and indicate equilibrium. The ADX is suggesting loss of momentum for both the Bulls and the Bears but is favoring the Bulls as yet. The Parabolic SAR continues with its buy signal with a SL now at 5976.

5) Considering the above our trading plan for the day is as under.

a) Around 6015 we will open fresh long positions with a SL of 5990 and a target of 6065. We will add to these long positions only above 6085.

b) Around 6075 we will open fresh short positions with a SL of 6085 and a target of 6025. We will add to these short positions only below 5990.

Happy Trading !!!     

Also visit Just Nifty and the Nifty Range blogs.



For cash market recommendations see our Daily Pre Market calls on NSE

Nifty - 18 Jan 2013 - Bull run continues

Bulls continue to hold control on the Nifty. Higher tops may be formed soon.

As discussed yesterday, there were bullish traits that remained on the Nifty, which unfolded in the trading session. The Nifty opened flat, swiftly breached the previous day's lows and just before our plan(a) was triggered, the Nifty turned around and as swiftly hit the target of 6025. The Nifty made a intraday high of 6053 before closing at 6039 with a gain of 37 points. Our plan(b) got triggered and hit its SL and we booked a minor loss of 15 points.

1) The Elder Ray readings : Bull Power reduces from +74 to +63 Bear Power rises from +11 to -2 indicating that the Bears have now recovered but the Bulls are yet much stronger. For today, the Bulls need to overcome the levels of 6060 to maintain their upwards momentum whereas the Bears need to breach the levels of 5990 to retain their downwards momentum.

2) The Nifty continues to close above all its key EMAs and also above all its key DMAs.

3) The stochastics are just below the overbought zone and are pointing upwards.

Nifty - 17 Jan 2013 - Bullish traits remain

Nifty maintains its Bullish stance in spite of a fall due to profit booking yesterday.

In our yesterday's post, we had expected the uptrend to continue. However, the markets chose otherwise. The Nifty opened with a minor down gap of 8 points then climbed to make the day's high just below the previous day's close, then traded in a tight range for the entire day, before making a low below the previous day's low at 5992 and then closed at 6002, thus maintaining its mildly bullish traits. Our trading plan (a) got triggered and hit its stop loss, thus making us lose 20 points in that trade.

1) The Elder Ray readings : Bull Power reduces from +90 to +74 Bear Power rises from +40 to +11, indicating that though the Bulls have just paused, the Bears could not take the full advantage of that and could not recover fully. For today, the Bulls need to overcome the levels of 6060 to maintain their upwards momentum whereas the Bears need to breach the Nifty below 5980 to regain their lost grounds.

2) Nifty has closed above all its key EMAs and also above all its key DMAs.

3) The stochastics are giving mixed signals, with the fast ones pointing down and the slow ones pointing upwards.

 

4) In the above chart the volumes have remained lower with the fall in the Nifty indicating that the fall may get arrested. The MACD continues to point horizontal. 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 call with the SL now pegged at 5963.

5) Considering the above, our trading plan for the day is as under.

a) Around 5980 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 - 17 Jan 2013 - Bullish traits remain

Nifty maintains its Bullish stance in spite of a fall due to profit booking yesterday.

In our yesterday's post, we had expected the uptrend to continue. However, the markets chose otherwise. The Nifty opened with a minor down gap of 8 points then climbed to make the day's high just below the previous day's close, then traded in a tight range for the entire day, before making a low below the previous day's low at 5992 and then closed at 6002, thus maintaining its mildly bullish traits. Our trading plan (a) got triggered and hit its stop loss, thus making us lose 20 points in that trade.

1) The Elder Ray readings : Bull Power reduces from +90 to +74 Bear Power rises from +40 to +11, indicating that though the Bulls have just paused, the Bears could not take the full advantage of that and could not recover fully. For today, the Bulls need to overcome the levels of 6060 to maintain their upwards momentum whereas the Bears need to breach the Nifty below 5980 to regain their lost grounds.

2) Nifty has closed above all its key EMAs and also above all its key DMAs.

3) The stochastics are giving mixed signals, with the fast ones pointing down and the slow ones pointing upwards.

Nifty - 16 Jan 2013 - Uptrend continues

Nifty makes yet another 2 year high close. Bulls continue to rule the bourses.

As discussed yesterday, the Nifty staged a breakout once again in the later stages of the day. The Nifty opened with a minor 14 point gap up and then moved in a tight range between 6035 and 6018 for most of the trading session, when in the afternoon, the Nifty broke out of this small trading range again and made a high at 6068.5 before closing at 6057. Our trading plan(b) got triggered, did not meet its SL, and we had to book out of the trade at the EOD with a small loss of 3 points.

1) The Elder Ray readings : Bull Power rises from +72 to +90 Bear Power reduces from -3 to +40 indicating that the Bears have once again lost their territory amidst the overpowering Bulls. For today, the Bulls need to overcome the levels of 6080 to maintain their upwards momentum whereas the Bears need to breach the levels of 5990 to regain their lost grounds.

2) The Nifty has closed above all its key EMAs and also above all its key DMAs.

3) The fast stochastics are well into the overbought zone, but the slow stochastics are just below the overbought zone.

 

4) In the above chart, the volumes have remained stagnant with the rise in the Nifty indicating that the up move has still some more room to go ahead. The MACD is pointing horizontal but positive. The ADX is signalling a rise in momentum for the up move. The Parabolic SAR continues to give out its buy signal with a SL now at 5949.

5) Considering the above, our trading plan for the day is as under.

a) Around 6030 we will open fresh long positions with a SL of 6010 and a target of 6085. We will add to these long positions only above 6100.

b) Around 6095 we will open fresh short positions with a SL of 6100 and a target of 6045. We will add to these short positions only below 6010.

Happy Trading !!!     

Also visit Just Nifty and the Nifty Range blogs.



For cash market recommendations see our Daily Pre Market calls on NSE

Nifty - 16 Jan 2013 - Uptrend continues

Nifty makes yet another 2 year high close. Bulls continue to rule the bourses.

As discussed yesterday, the Nifty staged a breakout once again in the later stages of the day. The Nifty opened with a minor 14 point gap up and then moved in a tight range between 6035 and 6018 for most of the trading session, when in the afternoon, the Nifty broke out of this small trading range again and made a high at 6068.5 before closing at 6057. Our trading plan(b) got triggered, did not meet its SL, and we had to book out of the trade at the EOD with a small loss of 3 points.

1) The Elder Ray readings : Bull Power rises from +72 to +90 Bear Power reduces from -3 to +40 indicating that the Bears have once again lost their territory amidst the overpowering Bulls. For today, the Bulls need to overcome the levels of 6080 to maintain their upwards momentum whereas the Bears need to breach the levels of 5990 to regain their lost grounds.

2) The Nifty has closed above all its key EMAs and also above all its key DMAs.

3) The fast stochastics are well into the overbought zone, but the slow stochastics are just below the overbought zone.

Nifty - 15 Jan 2013 - Nifty stages a breakout

Nifty breaks out making yet another 24 month highest close. Bulls are back.

On Friday, we had expected the trend to get clear, however, the Nifty chose to stay in its trading range on that day. The Nifty finally broke out yesterday, making the short term bullish trend much clearer now. Maybe we were a day earlier in sensing a major move. The Nifty opened yesterday with a positive gap of 16 points (just a few points below our sell level) then made a low of 5962, before breaking out to cross 5995 in a one swift move and making a new high of 6037 before closing at 6024 with a hefty gain of 72 points. Part(b) of our trading plan(a) got triggered and we could book a profit of 30 points by the end of day.

1) The Elder Ray readings : Bull Power rises from +64 to +72 Bear Power reduces from -15 to -3 indicating that the Bears cannot be counted out as yet and that the Bulls need to do some follow up buying for now. For today, the Bulls need to overcome the levels of 6050 to maintain their upwards momentum whereas the Bears need to breach the Nifty below 5970 to maintain their downwards momentum.

2) The Nifty has now closed well above all its key EMAs and also above all its key DMAs.

3) The fast stochastics are already in the overbought zone, but the slow stochastics are still in the neutral zone and pointing upwards, indicating that some more upside still remains to be conquered by the Bulls.

 

4) In the above chart, the volumes have not increased with the rise in the Nifty, indicating that the rise may be susceptible. The MACD has now extremely flattened out indicating some sideways movement. The ADX still prefers the up move with a stable momentum. The Parabolic SAR continues with its buy call on a SL of 5935.

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 5980 and a target of 6045. We will add to these long positions only above 6070.

b) Around 6055 we will open fresh short positions with a SL of 6070 and a target of 6005. We will add to these short positions only below 5980.

Happy Trading !!!    

Also visit Just Nifty and the Nifty Range blogs.


For cash market recommendations see our Daily Pre Market calls on NSE

Nifty - 15 Jan 2013 - Nifty stages a breakout

Nifty breaks out making yet another 24 month highest close. Bulls are back.

On Friday, we had expected the trend to get clear, however, the Nifty chose to stay in its trading range on that day. The Nifty finally broke out yesterday, making the short term bullish trend much clearer now. Maybe we were a day earlier in sensing a major move. The Nifty opened yesterday with a positive gap of 16 points (just a few points below our sell level) then made a low of 5962, before breaking out to cross 5995 in a one swift move and making a new high of 6037 before closing at 6024 with a hefty gain of 72 points. Part(b) of our trading plan(a) got triggered and we could book a profit of 30 points by the end of day.

1) The Elder Ray readings : Bull Power rises from +64 to +72 Bear Power reduces from -15 to -3 indicating that the Bears cannot be counted out as yet and that the Bulls need to do some follow up buying for now. For today, the Bulls need to overcome the levels of 6050 to maintain their upwards momentum whereas the Bears need to breach the Nifty below 5970 to maintain their downwards momentum.

2) The Nifty has now closed well above all its key EMAs and also above all its key DMAs.

3) The fast stochastics are already in the overbought zone, but the slow stochastics are still in the neutral zone and pointing upwards, indicating that some more upside still remains to be conquered by the Bulls.

Nifty - 14 Jan 2013 - Nifty stays in trading mode

The Nifty approaches key supports amidst Sell on Rise, the trading mode stays.

As discussed on Friday, we expected a clear trend to emerge by the end of day, however, the Nifty chose to remain in the trading mode, with not breaching our identified support levels of 5935. The Nifty opened with a nice gap of 44 points at 6012, and immediately touched a high of 6018 giving an impression of a breakout coming on. However, it got sold off from there to reach a day's low of 5941 before closing at 5951 with a loss of 17 points. Once our trading plan(b) got triggered after the false breakout, we doubled our usual quantity of trade and could book out with a total gain of 40 points by the end of the trading session.

1) The Elder Ray readings : Bull Power rises from +49 to +64 Bear Power also rises from -9 to -15 indicating that both the Bulls and the Bears are now getting stronger and the trading range may now expand very fast. For today, the Bulls need to overcome the levels of 6020 to maintain their upwards momentum whereas the Bears need to breach the levels of 5935 to maintain their downwards momentum.

2) The Nifty has closed below its 8EMA(5968) and its 13EMA(5955) however, it has closed above its 21EMA and all its key DMAs.

3) The stochastics are in the neutral zone and are pointing downwards.

 

4) In the above chart, the volumes have increased with the fall in the Nifty indicating that the down move may continue for now. The MACD is also showing a small negative divergence and the histogram is now below the zero line. The ADX on the other hand is still favoring the up move and the Parabolic SAR continues with its buy signal with the SL at 5924 now.

5) Considering the above, our trading plan for the day is as under.

a) Around 5930 we will open fresh long positions with a SL of 5905 and a target of 5970. We will add to these long positions only above 5995.

b) Around 5980 we will open fresh short positions with a SL of 5995 and a target of 5945. We will add to these short positions only below 5905.

Happy Trading !!!    

Also visit Just Nifty and the Nifty Range blogs.


For cash market recommendations see our Daily Pre Market calls on NSE

Nifty - 14 Jan 2013 - Nifty stays in trading mode

The Nifty approaches key supports amidst Sell on Rise, the trading mode stays.

As discussed on Friday, we expected a clear trend to emerge by the end of day, however, the Nifty chose to remain in the trading mode, with not breaching our identified support levels of 5935. The Nifty opened with a nice gap of 44 points at 6012, and immediately touched a high of 6018 giving an impression of a breakout coming on. However, it got sold off from there to reach a day's low of 5941 before closing at 5951 with a loss of 17 points. Once our trading plan(b) got triggered after the false breakout, we doubled our usual quantity of trade and could book out with a total gain of 40 points by the end of the trading session.

1) The Elder Ray readings : Bull Power rises from +49 to +64 Bear Power also rises from -9 to -15 indicating that both the Bulls and the Bears are now getting stronger and the trading range may now expand very fast. For today, the Bulls need to overcome the levels of 6020 to maintain their upwards momentum whereas the Bears need to breach the levels of 5935 to maintain their downwards momentum.

2) The Nifty has closed below its 8EMA(5968) and its 13EMA(5955) however, it has closed above its 21EMA and all its key DMAs.

3) The stochastics are in the neutral zone and are pointing downwards.