Bulls hold on to their footing as Nifty heads into series expiry today.As discussed yesterday, although the Nifty was a bit subdued, we saw the equilibrium tilt towards the Bulls, as the Nifty held on to its previous day's lows and ended the day at near the high point of the day. The Nifty opened with a small positive gap of 9 points made a intraday high of 6125 and then consolidated for the entire day within a narrow trading range of 6070 and 6090. In a late afternoon rush, the Bulls took the Nifty past 6100 to close at 6104 with a small loss of 7 points by the end of the trading session. Our trading plan(a) triggered right in the morning, just kissed the SL levels, but we withstood that, and were able to book out with a small profit of 15 points.1) The Elder Ray readings : Bull Power reduces from +65 to +57 Bear Power also reduces from -7 to +2 indicating that now the Bears are again out of their safe zone. For today, the Bulls need to overcome the levels of 6135 to maintain their upwards momentum, whereas the Bears need to breach the levels of 6065 to regain their lost grounds.2) The stochastics are in the neutral zone and are pointing nowhere.3) The Nifty has closed above all its key EMAs and also above all its key DMAs. 4) In the above chart, the volumes have decreased with the small fall in the Nifty, indicating that Nifty may not fall more from here. The MACD continues to remain pointing downwards, with the histogram also being in the negative. The ADX is suggesting loss of momentum for both the Bulls and the Bears, but still is favoring the Bulls. The Parabolic SAR continues with its sell signal with a SL of 6191.5) Considering the above, our trading plan for the day is as under.a) Around 6055 we will open fresh long positions with a SL of 6035 and a target of 6140. We will add to these long positions only above 6175.b) Around 6150 we will open fresh short positions with a SL of 6175 and a target of 6100. We will add to these short positions only below 6035.Happy Trading !!! Also visit Just Nifty and the Nifty Range blogs.For cash market recommendations see our Daily Pre Market calls on NSE
Bulls hold on to their footing as Nifty heads into series expiry today.
As discussed yesterday, although the Nifty was a bit subdued, we saw the equilibrium tilt towards the Bulls, as the Nifty held on to its previous day's lows and ended the day at near the high point of the day. The Nifty opened with a small positive gap of 9 points made a intraday high of 6125 and then consolidated for the entire day within a narrow trading range of 6070 and 6090. In a late afternoon rush, the Bulls took the Nifty past 6100 to close at 6104 with a small loss of 7 points by the end of the trading session. Our trading plan(a) triggered right in the morning, just kissed the SL levels, but we withstood that, and were able to book out with a small profit of 15 points.
1) The Elder Ray readings : Bull Power reduces from +65 to +57 Bear Power also reduces from -7 to +2 indicating that now the Bears are again out of their safe zone. For today, the Bulls need to overcome the levels of 6135 to maintain their upwards momentum, whereas the Bears need to breach the levels of 6065 to regain their lost grounds.
2) The stochastics are in the neutral zone and are pointing nowhere.
3) The Nifty has closed above all its key EMAs and also above all its key DMAs.
Holding key supports, Nifty undergoes healthy consolidation with a Bullish bias.As discussed yesterday, we saw Nifty in equilibrium, and both the Bulls and the Bears score some heavy points in the trade yesterday, as the Nifty traded right between our identified supports and resistances. The Nifty opened flat and traded in the red for the first four hours after making initial highs of 6098 and 6111 and lows of 6062 and 6055. Thereafter, the Bulls came back and took the Nifty to 6120. The Bears then took it to 6081. Again the Bulls took it to 6128. The Bears then took it to 6090. Finally, the Nifty closed at 6111 with a gain of 28 points. In all this hullabaloo, none of our trading plans triggered. We think it is better to miss a trade rather than getting entangled in a wrong trade.1) The Elder Ray readings : Bull Power rises from +46 to +65 Bear Power reduces from -78 to -7 indicating that the tilt is now towards the Bulls but just slightly. For today, the Bulls need to overcome the levels of 6135 to maintain their upwards momentum, whereas the Bears need to breach the Nifty below 6050 to maintain their downwards momentum.2) The stochastics are in the neutral zone and are pointing upwards.3) The Nifty has closed above all its key EMAs and also above all its key DMAs. 4) In the above chart, volumes have increased with the rise in the Nifty indicating that the rise may continue. The MACD is pointing downwards and the histogram is in the negative, but rising. The ADX is favoring the Bulls but indicating loss of overall momentum. The Parabolic SAR continues with its sell signal with a SL now pegged at 6201.5) Considering the above, our trading plan for the day is as under.a) Around 6090, we will open fresh long positions with a SL of 6070 and a target of 6150. We will add to these long positions only above 6180.b) Around 6165, we will open fresh short positions with a SL of 6180 and a target of 6105. We will add to these short positions only below 6070.Happy Trading !!! Also visit Just Nifty and the Nifty Range blogs.For cash market recommendations see our Daily Pre Market calls on NSE
Holding key supports, Nifty undergoes healthy consolidation with a Bullish bias.
As discussed yesterday, we saw Nifty in equilibrium, and both the Bulls and the Bears score some heavy points in the trade yesterday, as the Nifty traded right between our identified supports and resistances. The Nifty opened flat and traded in the red for the first four hours after making initial highs of 6098 and 6111 and lows of 6062 and 6055. Thereafter, the Bulls came back and took the Nifty to 6120. The Bears then took it to 6081. Again the Bulls took it to 6128. The Bears then took it to 6090. Finally, the Nifty closed at 6111 with a gain of 28 points. In all this hullabaloo, none of our trading plans triggered. We think it is better to miss a trade rather than getting entangled in a wrong trade.
1) The Elder Ray readings : Bull Power rises from +46 to +65 Bear Power reduces from -78 to -7 indicating that the tilt is now towards the Bulls but just slightly. For today, the Bulls need to overcome the levels of 6135 to maintain their upwards momentum, whereas the Bears need to breach the Nifty below 6050 to maintain their downwards momentum.
2) The stochastics are in the neutral zone and are pointing upwards.
3) The Nifty has closed above all its key EMAs and also above all its key DMAs.
After a major decline, Bulls comeback strong, setting Nifty in equilibrium.As discussed yesterday, we saw choppiness on the rise on the Nifty. The Nifty opened flat at 5989 against the previous close of 5983, made a quick low of 5976 and swiftly moved above 6000 and reached 6030, and all this in the very first hour of trade. 6030, which we had identified as a resistance level, did act as one for the next 4 hours, wherein the Nifty traded in a extremely narrow band of 20 points between 6034 and 6014. Post that, the Bulls took over and the Nifty swiftly moved past 6050, our identified break out level, and zoomed to 6100 before closing at 6083 with a whopping 100 points gain. Our trading plan(a) triggered right in the first hour, and we booked out with a 20 point profit as the Nifty did not seem to show any weakness. We could not trade the break out, as we were absent from the market during the last 2 hours of trade.1) The Elder Ray readings : Bull Power rises from -34 to +46 Bear Power reduces from -112 to -78 indicating that both the Bulls and the Bears are in their respective safe zones and the next move will depend on who takes the initiative. For today, the Bulls need to overcome the levels of 6110 to maintain their upwards momentum whereas the Bears need to breach the levels of 5970 to maintain their downwards momentum.2) The stochastics are in the neutral zone and are pointing in opposite directions.3) The Nifty has now closed above all its key EMAs and also above all its key DMAs. 4) In the above chart, volumes have decreased with the rise in the Nifty indicating that the rise may get arrested. The MACD is pointing horizontal, with the histogram rising but in the negative. The ADX is now suggesting favor to the Bulls, but is indicating a fall in the overall momentum. The Parabolic SAR continues with its sell signal with the SL now at 6212.5) Considering the above, our trading plan for the day is as under.a) Around 6045 we will open fresh long positions with a SL of 6015 and a target of 6115. We will add to these long positions only above 6150.b) Around 6130 we will open fresh short positions with a SL of 6150 and a target of 6060. We will add to these short positions only below 6015.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 major decline, Bulls comeback strong, setting Nifty in equilibrium.
As discussed yesterday, we saw choppiness on the rise on the Nifty. The Nifty opened flat at 5989 against the previous close of 5983, made a quick low of 5976 and swiftly moved above 6000 and reached 6030, and all this in the very first hour of trade. 6030, which we had identified as a resistance level, did act as one for the next 4 hours, wherein the Nifty traded in a extremely narrow band of 20 points between 6034 and 6014. Post that, the Bulls took over and the Nifty swiftly moved past 6050, our identified break out level, and zoomed to 6100 before closing at 6083 with a whopping 100 points gain. Our trading plan(a) triggered right in the first hour, and we booked out with a 20 point profit as the Nifty did not seem to show any weakness. We could not trade the break out, as we were absent from the market during the last 2 hours of trade.
1) The Elder Ray readings : Bull Power rises from -34 to +46 Bear Power reduces from -112 to -78 indicating that both the Bulls and the Bears are in their respective safe zones and the next move will depend on who takes the initiative. For today, the Bulls need to overcome the levels of 6110 to maintain their upwards momentum whereas the Bears need to breach the levels of 5970 to maintain their downwards momentum.
2) The stochastics are in the neutral zone and are pointing in opposite directions.
3) The Nifty has now closed above all its key EMAs and also above all its key DMAs.
Bulls lose their grip on the Nifty as choppiness and volatility rises.As discussed on Friday, the Nifty did turn choppy and volatile. The Nifty opened with a whopping positive gap of 43 points at 6011, made a high of 6015, got dragged down to just below our support levels at 5937 before closing at 5984 with a minor gain of 17 points. Both our trading plans triggered in this volatility and we could book out with a nice gain of 80 points during the day.1) The Elder Ray readings : Bull Power reduces from +21 to -34 Bear Power rises from -104 to -112 indicating that not only the Bears are in the driver's seat now, the Bulls have also lost their footing and Nifty may trade with a negative bias now. For today, the Bulls need to overcome the levels of 6040 to regain their lost grounds whereas the Bears need to breach the Nifty below 5925 to maintain their downwards momentum.2) The stochastics are now deeply into the oversold zone and are pointing upwards.3) The Nifty has closed below all its key EMAs but has closed above all its key DMAs. 4) In the above chart, the volumes have decreased with the rise in the Nifty indicating that the up move may falter. The MACD is turning downwards with the histogram also being growing in the negative. The ADX is suggesting a loss of overall momentum with the favor to the Bears. The Parabolic SAR continues with its sell signal with the SL now at 6224.5) Considering the above, our trading plan for the day is as under.a) Around 6030 we will open fresh short positions with a SL of 6050 and a target of 5945. We will add to these short positions only below 5915.b) Around 5935 we will open fresh long positions with a SL of 5915 and a target of 5980. We will add to these long positions only above 6050.Happy Trading !!! Also visit Just Nifty and the Nifty Range blogs.For cash market recommendations see our Daily Pre Market calls on NSE
Bulls lose their grip on the Nifty as choppiness and volatility rises.
As discussed on Friday, the Nifty did turn choppy and volatile. The Nifty opened with a whopping positive gap of 43 points at 6011, made a high of 6015, got dragged down to just below our support levels at 5937 before closing at 5984 with a minor gain of 17 points. Both our trading plans triggered in this volatility and we could book out with a nice gain of 80 points during the day.
1) The Elder Ray readings : Bull Power reduces from +21 to -34 Bear Power rises from -104 to -112 indicating that not only the Bears are in the driver's seat now, the Bulls have also lost their footing and Nifty may trade with a negative bias now. For today, the Bulls need to overcome the levels of 6040 to regain their lost grounds whereas the Bears need to breach the Nifty below 5925 to maintain their downwards momentum.
2) The stochastics are now deeply into the oversold zone and are pointing upwards.
3) The Nifty has closed below all its key EMAs but has closed above all its key DMAs.
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