Bulls falter to regroup. Bears take advantage and tighten the noose on the Nifty.As discussed yesterday, the Bulls regrouped, and then faltered, yet again. The Nifty opened flat and traded in a narrow band for most of the day. However, late in the trading session, the Bears took the advantage of Bulls failing to regroup, and breached the Nifty below 5900 to close at 5997 before making a low of 5884. Overall, this looks like a major bearish set up for the Nifty. Time will tell how it unfolds. Our trading plan(b) got triggered, and we could book a quick 18 point profit, against the trend.1) The Elder Ray readings : Bull Power reduces from +9 to -12 Bear Power rises from -38 to -67 indicating that the Bears are now in the driver's seat. For today, the Bulls need to overcome the levels of 5950 to regain their lost grounds, whereas the Bears need to breach the Nifty below 5870 to maintain their downwards momentum.2) The Nifty has again closed below all its key EMAs and also its 50DMA. However, it has closed above its 100DMA and 200DMA.3) The stochastics are back in the oversold zone, and when read along with the ADX, they confirm the downtrend more than they suggest a bounce back. 4) In the above chart, the volumes have increased with the fall in the Nifty, suggesting that this fall may sustain. The MACD is still in the negative and has restarted its fall. The ADX is now suggesting a strong favor towards the Bears. The Parabolic SAR continues with its sell signal with a SL now pegged at 5995.5) Considering the above, our trading plan for the day is as under.a) Around 5920 we will open fresh short positions with a SL of 5935 and a target of 5880. We will add to these short positions only below 5855.b) Around 5865 we will open fresh long positions with a SL of 5855 and a target of 5905. We will add to these long positions only above 5935.Happy Trading !!! Also visit Just Nifty and the Nifty Range blogs.For cash market recommendations see our Daily Pre Market calls on NSE
Bulls falter to regroup. Bears take advantage and tighten the noose on the Nifty.
As discussed yesterday, the Bulls regrouped, and then faltered, yet again. The Nifty opened flat and traded in a narrow band for most of the day. However, late in the trading session, the Bears took the advantage of Bulls failing to regroup, and breached the Nifty below 5900 to close at 5997 before making a low of 5884. Overall, this looks like a major bearish set up for the Nifty. Time will tell how it unfolds. Our trading plan(b) got triggered, and we could book a quick 18 point profit, against the trend.
1) The Elder Ray readings : Bull Power reduces from +9 to -12 Bear Power rises from -38 to -67 indicating that the Bears are now in the driver's seat. For today, the Bulls need to overcome the levels of 5950 to regain their lost grounds, whereas the Bears need to breach the Nifty below 5870 to maintain their downwards momentum.
2) The Nifty has again closed below all its key EMAs and also its 50DMA. However, it has closed above its 100DMA and 200DMA.
3) The stochastics are back in the oversold zone, and when read along with the ADX, they confirm the downtrend more than they suggest a bounce back.
Nifty comes back into trading zone, as Bulls fritter away their advantage.As discussed yesterday, it turned out to be sell on rise on the Nifty in yesterday's trading session. The Nifty opened with a positive gap of 21 points and then traded smartly in the morning session, making a high of just under 5970, before getting sold off again, breached the open low mark, made a low of 5923, before closing at 5933, retaining just 10 points of the gains. Our trading plan (a) got triggered right in the morning and hit the SL making us lose 20 points in that trade. However, one more aggressive trade on the short side, gained us 40 points, as we ended the day with a 20 points nett gain.1) The Elder Ray readings : Bull Power rises from -38 to +9 Bear Power reduces from -79 to -38 indicating that both the Bulls and the Bears now have a fair chance to drive the Nifty in their favor. For today, the Bulls need to overcome the levels of 5970 to maintain their upwards momentum whereas the Bears need to breach the Nifty below the levels of 5915 to retain their downwards momentum.2) The Nifty has closed yet again below all its key EMAs and also below its 50DMA (5962). However, it has closed above its 100DMA and 200DMA.3) The stochastics are hovering on the borderline of the oversold zone now. 4) In the above chart, the volumes have increased with a small rise in the Nifty, indicating that the fall may have been arrested for now. The MACD is showing recovery from the negative zone. The ADX is now showing equilibrium for both the Bulls and the Bears. The Parabolic SAR continues with its sell signal with a SL of 6010.5) Considering the above, our trading plan for the day is as under.a) Around 5960 we will open fresh short positions with a SL of 5975 and a target of 5920. We will add to these short positions only below 5890.b) Around 5905 we will open fresh long positions with a SL of 5890 and a target of 5945. We will add to these long positions only above 5975.Happy Trading !!! Also visit Just Nifty and the Nifty Range blogs.For cash market recommendations see our Daily Pre Market calls on NSE
Nifty comes back into trading zone, as Bulls fritter away their advantage.
As discussed yesterday, it turned out to be sell on rise on the Nifty in yesterday's trading session. The Nifty opened with a positive gap of 21 points and then traded smartly in the morning session, making a high of just under 5970, before getting sold off again, breached the open low mark, made a low of 5923, before closing at 5933, retaining just 10 points of the gains. Our trading plan (a) got triggered right in the morning and hit the SL making us lose 20 points in that trade. However, one more aggressive trade on the short side, gained us 40 points, as we ended the day with a 20 points nett gain.
1) The Elder Ray readings : Bull Power rises from -38 to +9 Bear Power reduces from -79 to -38 indicating that both the Bulls and the Bears now have a fair chance to drive the Nifty in their favor. For today, the Bulls need to overcome the levels of 5970 to maintain their upwards momentum whereas the Bears need to breach the Nifty below the levels of 5915 to retain their downwards momentum.
2) The Nifty has closed yet again below all its key EMAs and also below its 50DMA (5962). However, it has closed above its 100DMA and 200DMA.
3) The stochastics are hovering on the borderline of the oversold zone now.
As Bulls try to regroup, Bears seem to be waiting for the kill. Sell on rise is the mantra.As discussed yesterday, Nifty has got range bound, with the Nifty after a flattish opening, traded in a narrow band for almost the entire session, failed to breach the previous day's lows, and in the last hour, tried to breakout, by overcoming the previous day's highs and closing just below 5925, the resistance level identified by us. Our trading plan (a) got triggered very very late in the day, and we did not venture into taking that trade so late in the day.1) The Elder Ray readings : Bull Power rises from -49 to -38 Bear Power reduces from -94 to -79 indicating that the Bulls are trying to regroup and that the Bears are waiting for a bigger chance without giving away too much. For today, the Bulls need to overcome the levels of 5955 to regain their lost grounds, whereas the Bears need to breach the Nifty below 5880 to maintain their downwards momentum.2) The Nifty continues to close below all its key EMAs and also below its 50DMA (5961). However it has closed above its 100DMA and 200DMA.3) The stochastics are still in the oversold zone and are showing the first and initial indications of a bounce back possibility. 4) In the above chart, the volumes have decreased indicating that the bounce may be short lived. The MACD is still in the negative, but is showing signs of recovery. The ADX is also showing a loss of momentum for the Bears, but still favors the down move. The Parabolic SAR continues with its sell signal with the SL now at 6028. 5) Considering the above, our trading plan for the day is as under.a) Around 5945 we will open fresh short positions with a SL of 5965 and a target of 5895. We will add to these short positions only below 5880.b) Around 5890 we will open fresh long positions with a SL of 5880 and a target of 5920. We will add to these long positions only above 5965.Happy Trading !!! Also visit Just Nifty and the Nifty Range blogs.For cash market recommendations see our Daily Pre Market calls on NSE
As Bulls try to regroup, Bears seem to be waiting for the kill. Sell on rise is the mantra.
As discussed yesterday, Nifty has got range bound, with the Nifty after a flattish opening, traded in a narrow band for almost the entire session, failed to breach the previous day's lows, and in the last hour, tried to breakout, by overcoming the previous day's highs and closing just below 5925, the resistance level identified by us. Our trading plan (a) got triggered very very late in the day, and we did not venture into taking that trade so late in the day.
1) The Elder Ray readings : Bull Power rises from -49 to -38 Bear Power reduces from -94 to -79 indicating that the Bulls are trying to regroup and that the Bears are waiting for a bigger chance without giving away too much. For today, the Bulls need to overcome the levels of 5955 to regain their lost grounds, whereas the Bears need to breach the Nifty below 5880 to maintain their downwards momentum.
2) The Nifty continues to close below all its key EMAs and also below its 50DMA (5961). However it has closed above its 100DMA and 200DMA.
3) The stochastics are still in the oversold zone and are showing the first and initial indications of a bounce back possibility.
As Bears take a pause and Bulls struggle to buckle up, the Nifty gets range bound.As discussed yesterday, Bearishness spread out on the Nifty, as in spite of a nice positive up gap opening of 16 points on the Nifty, Bears crushed down any efforts by the Bulls to move it up. The Nifty made a quick high of 5924 and immediately got sold off, to breach the previous day's low and make a low of 5879 for itself, before closing at 5898 with a loss of 6 points. As the Nifty evaded our levels by a whisker, none of our trading plans got triggered.1) The Elder Ray readings : Bull Power reduces from -32 to -49 Bear Power also reduces from -102 to -94 indicating that the Bears have taken a pause whilst the Bulls are really struggling to keep their act up. For today, the Bulls need to overcome the levels of 5965 to regain their lost grounds whereas the Bears need to breach the Nifty below 5865 to maintain their downwards momentum.2) The Nifty has closed below all its key EMAs and also below its 50DMA (5960). However it has closed above its 100DMA(5819) and its 200DMA.3) The stochastics continue to remain well and deep into the oversold zone, confirming the Bearishness that persists on the Nifty. 4) In the above chart, the volumes have decreased with the fall in the Nifty indicating that the fall may get arrested. The MACD however, continues to grow on the negative side. The ADX is suggesting a mild loss of bearish momentum, but still favors the down move. The Parabolic SAR continues to give out its sell signal with the SL now pegged at 6049.5) Considering the above, our trading plan for the day is as under.a) Around 5925 we will open fresh short positions with a SL of 5940 and a target of 5875. We will add to these short positions only below 5855.b) Around 5865 we will open fresh long positions with a SL of 5855 and a target of 5900. We will add to these long positions only above 5940.Happy Trading !!! Also visit Just Nifty and the Nifty Range blogs.For cash market recommendations see our Daily Pre Market calls on NSE
As Bears take a pause and Bulls struggle to buckle up, the Nifty gets range bound.
As discussed yesterday, Bearishness spread out on the Nifty, as in spite of a nice positive up gap opening of 16 points on the Nifty, Bears crushed down any efforts by the Bulls to move it up. The Nifty made a quick high of 5924 and immediately got sold off, to breach the previous day's low and make a low of 5879 for itself, before closing at 5898 with a loss of 6 points. As the Nifty evaded our levels by a whisker, none of our trading plans got triggered.
1) The Elder Ray readings : Bull Power reduces from -32 to -49 Bear Power also reduces from -102 to -94 indicating that the Bears have taken a pause whilst the Bulls are really struggling to keep their act up. For today, the Bulls need to overcome the levels of 5965 to regain their lost grounds whereas the Bears need to breach the Nifty below 5865 to maintain their downwards momentum.
2) The Nifty has closed below all its key EMAs and also below its 50DMA (5960). However it has closed above its 100DMA(5819) and its 200DMA.
3) The stochastics continue to remain well and deep into the oversold zone, confirming the Bearishness that persists on the Nifty.
Bears now in full control of the Nifty. Expect lower levels in coming days.As discussed on Friday, Bears held fort and pressed down the Nifty below its key support levels and thus ensured that they enhanced their control over the Nifty. The Nifty opened with a minor 10 point gap down at 5929, scurried up to 5954 but failed to breach the previous day's highs, and this failure lead to the Nifty getting sold off, to break the previous day's lows by a whopping 45 points at 5884 before closing at 5903, with a loss of 35 points. Our trading plan (b) triggered late in the day, and we had to book out with a loss of 14 points as the SL got hit as well.1) The Elder Ray readings : Bull Power reduces from -20 to -32 Bear Power rises from -71 to -102 indicating that the Bears are now strongly in the driver's saddle. For today, the Bulls need to overcome the levels of 5970 to regain their lost grounds whereas the Bears need to breach the Nifty below 5870 to maintain their downwards momentum.2) The Nifty has closed below all its key EMAs and also below its 50DMA. However, it has closed above its 100DMA and 200DMA.3) The stochastics are well and truly deep into the oversold zone. 4) In the above chart, the volumes have increased with the fall in the Nifty, indicating that the down move may continue as of now. The MACD is growing on the negative side. The ADX is suggesting a rise in the bearish momentum. The Parabolic SAR continues with its sell signal with a SL now at 6067.5) Considering the above, our trading plan for the day is as under.a) Around 5925 we will open fresh short positions with a SL of 5945 and a target of 5885. We will add to these short positions only below 5865.b) Around 5875 we will open fresh long positions with a SL of 5865 and a target of 5915. We will add to these long positions only above 5945. Happy Trading !!! Also visit Just Nifty and the Nifty Range blogs.For cash market recommendations see our Daily Pre Market calls on NSE
Bears now in full control of the Nifty. Expect lower levels in coming days.
As discussed on Friday, Bears held fort and pressed down the Nifty below its key support levels and thus ensured that they enhanced their control over the Nifty. The Nifty opened with a minor 10 point gap down at 5929, scurried up to 5954 but failed to breach the previous day's highs, and this failure lead to the Nifty getting sold off, to break the previous day's lows by a whopping 45 points at 5884 before closing at 5903, with a loss of 35 points. Our trading plan (b) triggered late in the day, and we had to book out with a loss of 14 points as the SL got hit as well.
1) The Elder Ray readings : Bull Power reduces from -20 to -32 Bear Power rises from -71 to -102 indicating that the Bears are now strongly in the driver's saddle. For today, the Bulls need to overcome the levels of 5970 to regain their lost grounds whereas the Bears need to breach the Nifty below 5870 to maintain their downwards momentum.
2) The Nifty has closed below all its key EMAs and also below its 50DMA. However, it has closed above its 100DMA and 200DMA.
3) The stochastics are well and truly deep into the oversold zone.
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