Bulls gathering momentum, but still have more to do. Nifty in equilibrium as yet.As discussed yesterday, we saw expiry jitters on the Nifty on the last day of expiry. The Nifty opened with a bullish stance having a huge positive gap up opening of 60 points at 5648. From thereon it never looked back and traded positively above intraday averages to make a high of 5699 before closing at 5682, with a gain of 94 points. We took a small position and had to book a loss of 40 points on that trade.1) The Elder Ray readings : Bull Power rises from -92 to -22 Bear Power reduces from -148 to -90 indicating that the Bulls are now withing striking distance of their safe zone. However, they will have a major task in defending that once achieved. For today, the Bulls need to overcome the levels of 5715 to regain their lost grounds whereas the Bears need to breach the Nifty below 5625 to maintain their downwards momentum.2) The stochastics are just above the oversold zone and are pointing upwards now.3) The Nifty has closed above its 8EMA but has closed below its 13EMA and 21EMA and also below all its key DMAs. 4) In the above chart, the volumes have increased with the rise in the Nifty indicating that the up move may continue as of now. The MACD is in the negative but is giving initial sign of a reversal, although not triggered yet. The histogram is in the negative and reducing, indicating a start of a up move. The ADX is also suggesting a rise in the Bullish momentum and a fall in the Bearish momentum. The Parabolic SAR continues with its sell signal with a SL of 5799.5) Considering the above, our trading plan for the day is as under.a) Around 5735 we will open fresh short positions with a SL of 5755 and a target of 5655. We will add to these short positions only below 5610.b) Around 5640 we will open fresh long positions with a SL of 5610 and a target of 5710. We will add to these long positions only above 5755.Happy Trading !!! Also visit Just Nifty and the Nifty Range blogs.For cash market recommendations see our Daily Pre Market calls on NSE
Bulls gathering momentum, but still have more to do. Nifty in equilibrium as yet.
As discussed yesterday, we saw expiry jitters on the Nifty on the last day of expiry. The Nifty opened with a bullish stance having a huge positive gap up opening of 60 points at 5648. From thereon it never looked back and traded positively above intraday averages to make a high of 5699 before closing at 5682, with a gain of 94 points. We took a small position and had to book a loss of 40 points on that trade.
1) The Elder Ray readings : Bull Power rises from -92 to -22 Bear Power reduces from -148 to -90 indicating that the Bulls are now withing striking distance of their safe zone. However, they will have a major task in defending that once achieved. For today, the Bulls need to overcome the levels of 5715 to regain their lost grounds whereas the Bears need to breach the Nifty below 5625 to maintain their downwards momentum.
2) The stochastics are just above the oversold zone and are pointing upwards now.
3) The Nifty has closed above its 8EMA but has closed below its 13EMA and 21EMA and also below all its key DMAs.
Amidst wild swinging volatile moves, the expiry is all set for an adrenaline rush.As discussed yesterday, there was choppiness before expiry on the bourses. The Nifty opened with a up gap of 19 points at 5628 and then for most of the day traded within a small range between 5600 and 5635. However, during the last hour of trade, the Bears took charge and the Nifty got sold off to make a low of 5579 before closing at 5589 with a loss of 20 points. None of our trading plans got triggered and we were happy sitting out on the sidelines.1) The Elder Ray reading : Bull Power reduces from -85 to -92 Bear Power also reduces from -181 to -148 indicating that although the Bears have taken it easy for the day, the Bulls have lost further grounds. For today, the Bulls need to overcome the levels of 5705 to regain their lost grounds whereas the Bears need to breach the levels of 5555 to maintain their downwards momentum.2) The stochastics are well and deep into the oversold zone.3) The Nifty continues to close below all its key EMAs and also below all its key DMAs. 4) In the above chart, the volumes have decreased with the fall in the Nifty indicating that the fall may get arrested soon. The MACD continues to point downwards in the negative with the histogram too growing in the negative. The ADX is suggesting loss of momentum for the Bears but is still favoring a downwards move. The Parabolic SAR continues with its sell signal with a SL of 5814.5) Considering the above, our trading plan for the day is as under.a) Around 5645 we will open fresh short positions with a SL of 5665 and a target of 5560. We will add to these short positions only below 5520.b) Around 5540 we will open fresh long positions with a SL of 5520 and a target of 5615. We will add to these long positions only above 5665.Happy Trading !!! Also visit Just Nifty and the Nifty Range blogs.For cash market recommendations see our Daily Pre Market calls on NSE
Amidst wild swinging volatile moves, the expiry is all set for an adrenaline rush.
As discussed yesterday, there was choppiness before expiry on the bourses. The Nifty opened with a up gap of 19 points at 5628 and then for most of the day traded within a small range between 5600 and 5635. However, during the last hour of trade, the Bears took charge and the Nifty got sold off to make a low of 5579 before closing at 5589 with a loss of 20 points. None of our trading plans got triggered and we were happy sitting out on the sidelines.
1) The Elder Ray reading : Bull Power reduces from -85 to -92 Bear Power also reduces from -181 to -148 indicating that although the Bears have taken it easy for the day, the Bulls have lost further grounds. For today, the Bulls need to overcome the levels of 5705 to regain their lost grounds whereas the Bears need to breach the levels of 5555 to maintain their downwards momentum.
2) The stochastics are well and deep into the oversold zone.
3) The Nifty continues to close below all its key EMAs and also below all its key DMAs.
Nifty likely to get choppy as it prepares for expiry. Buy on dips. Sell on rise.As discussed yesterday, on the Nifty the undertone remained bearish. The Nifty opened with a positive up gap of 17 points at 5607 and traded bearishly for the first two hours and established a low of 5570. Then, the Bulls took over and the Nifty charged up to make a high of 5666. In the last two hours, however, the Nifty again got sold off and closed at 5609 with a gain of 19 points. We took a short trade, and that trade hit the SL and we booked a small loss of 23 points.1) The Elder Ray readings : Bull Power rises from -134 to -85 Bear Power reduces from -208 to -181 indicating that though the Bulls have shown some resolve to recover, they are still far away from their safe zone, while the Bears are sitting merrily enjoying their profits. For today, the Bulls need to overcome the levels of 5725 to regain their lost grounds whereas the Bears need to breach the Nifty below 5540 to maintain their downwards momentum.2) The stochastics remain in the oversold zone.3) The Nifty continues to close below all its key EMAs and also below all its key DMAs. 4) In the above chart, the volumes have increased with the Nifty remaining stagnant, indicating that the choppiness may increase. The MACD continues to point downwards in the negative zone. The ADX is suggesting a loss of momentum for the Bears but is still favoring them over the Bulls. The Parabolic SAR continues to give out its sell signal with a SL of 5830.5) Considering the above, our trading plan for the day is as under.a) Around 5660 we will open fresh short positions with a SL of 5680 and a target of 5580. We will add to these short positions only below 5540.b) Around 5560 we will open fresh long positions with a SL of 5540 and a target of 5610. We will add to these long positions only above 5680.Happy Trading !!! Also visit Just Nifty and the Nifty Range blogs.For cash market recommendations see our Daily Pre Market calls on NSE
Nifty likely to get choppy as it prepares for expiry. Buy on dips. Sell on rise.
As discussed yesterday, on the Nifty the undertone remained bearish. The Nifty opened with a positive up gap of 17 points at 5607 and traded bearishly for the first two hours and established a low of 5570. Then, the Bulls took over and the Nifty charged up to make a high of 5666. In the last two hours, however, the Nifty again got sold off and closed at 5609 with a gain of 19 points. We took a short trade, and that trade hit the SL and we booked a small loss of 23 points.
1) The Elder Ray readings : Bull Power rises from -134 to -85 Bear Power reduces from -208 to -181 indicating that though the Bulls have shown some resolve to recover, they are still far away from their safe zone, while the Bears are sitting merrily enjoying their profits. For today, the Bulls need to overcome the levels of 5725 to regain their lost grounds whereas the Bears need to breach the Nifty below 5540 to maintain their downwards momentum.
2) The stochastics remain in the oversold zone.
3) The Nifty continues to close below all its key EMAs and also below all its key DMAs.
Although the Nifty remains under a bearish spell, key supports are approaching.As discussed yesterday, we saw choppiness with a downward bias on the Nifty all through the trading session. The Nifty opened with a negative gap down of 30 points at 5638 and then immediately got sold off to breach the 5600 level. It made a new low of 5566 before closing at 5590 with a loss of 78 points. We got two trades in, with a profit of 40 points in both trades put together.1) The Elder Ray readings : Bull Power reduces from -119 to -134 Bear Power rises from -188 to -208 indicating the strong control that the Bears are having on the Nifty. For today, the Bulls need to overcome the levels of 5745 to regain their lost grounds whereas the Bears need to breach the Nifty below 5535 to maintain their downwards momentum.2) The stochastics are well and deep into the oversold zone and are still pointing downwards.3) The Nifty continues to close below all its key EMAs and also below all its key DMAs. 4) In the above chart, the volumes have decreased with the fall in the Nifty indicating that the fall may get arrested soon. The MACD continues to point downwards and is deep in the negative with the histogram also growing in the negative. The ADX is suggesting a strong favor to the Bears. The Parabolic SAR continues with its sell signal with the SL now at 5847.5) Considering the above, our trading plan for the day is as under.a) Around 5635 we will open fresh short positions with a SL of 5660 and a target of 5550. We will add to these short positions only below 5520.b) Around 5545 we will open fresh long positions with a SL of 5520 and a target of 5600. We will add to these long positions only above 5660.Happy Trading !!! Also visit Just Nifty and the Nifty Range blogs.For cash market recommendations see our Daily Pre Market calls on NSE
Although the Nifty remains under a bearish spell, key supports are approaching.
As discussed yesterday, we saw choppiness with a downward bias on the Nifty all through the trading session. The Nifty opened with a negative gap down of 30 points at 5638 and then immediately got sold off to breach the 5600 level. It made a new low of 5566 before closing at 5590 with a loss of 78 points. We got two trades in, with a profit of 40 points in both trades put together.
1) The Elder Ray readings : Bull Power reduces from -119 to -134 Bear Power rises from -188 to -208 indicating the strong control that the Bears are having on the Nifty. For today, the Bulls need to overcome the levels of 5745 to regain their lost grounds whereas the Bears need to breach the Nifty below 5535 to maintain their downwards momentum.
2) The stochastics are well and deep into the oversold zone and are still pointing downwards.
3) The Nifty continues to close below all its key EMAs and also below all its key DMAs.
Nifty attempted a pullback and failed at first resistance. Choppy markets expected.In our Friday's post, "Bulls get mauled", we were expecting a red Friday, and were waiting for the Nifty to breach 5600 levels. However, that was not to be. The Nifty opened with a bearish undertone at 5640, went down to 5617, pulled back up to 5686 before closing at 5668 with a minor gain of 12 points. We sat at the sidelines watching the gyrations of the Nifty.1) The Elder Ray readings : Bull Power reduces from -73 to -119 Bear Power rises from -182 to -188 indicating that though the attempted pullback and a positive closing, the Bulls are at the losing end of the sentiment. For today, the Bulls need to overcome the levels of 5790 to regain their lost grounds, whereas the Bears need to breach the levels of 5595 to retain their downwards momentum.2) The stochastics are in the oversold zone, confirming the bearish undertone.3) The Nifty continues to close below all its key EMAs and also below all its key DMAs. 4) In the above chart, the volumes have increased with the small rise in the Nifty indicating that there could be choppiness in the markets now. The MACD is pointing down in the negative zone with the histogram also growing in the negative zone. The ADX is suggesting a strong favor for the Bears. The Parabolic SAR continues with its sell signal with the SL now at 5858.5) Considering the above, our trading plan for the day is as under.a) Around 5690 we will open fresh short positions with a SL of 5715 and a target of 5625. We will add to these short positions only below 5600.b) Around 5620 we will open fresh long positions with a SL of 5600 and a target of 5665. We will add to these long positions only above 5715.Happy Trading !!! Also visit Just Nifty and the Nifty Range blogs.For cash market recommendations see our Daily Pre Market calls on NSE
Nifty attempted a pullback and failed at first resistance. Choppy markets expected.
In our Friday's post, "Bulls get mauled", we were expecting a red Friday, and were waiting for the Nifty to breach 5600 levels. However, that was not to be. The Nifty opened with a bearish undertone at 5640, went down to 5617, pulled back up to 5686 before closing at 5668 with a minor gain of 12 points. We sat at the sidelines watching the gyrations of the Nifty.
1) The Elder Ray readings : Bull Power reduces from -73 to -119 Bear Power rises from -182 to -188 indicating that though the attempted pullback and a positive closing, the Bulls are at the losing end of the sentiment. For today, the Bulls need to overcome the levels of 5790 to regain their lost grounds, whereas the Bears need to breach the levels of 5595 to retain their downwards momentum.
2) The stochastics are in the oversold zone, confirming the bearish undertone.
3) The Nifty continues to close below all its key EMAs and also below all its key DMAs.
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