Midweek indecision resolves on the up side. Week may end on a high note.As discussed yesterday, the breakout which was delayed by a day, came out and the Nifty after opening with a positive gap of 78 points kept on trading with a bullish bias and made a high of 5949 before closing at 5935, maintaining its bullish stance. It was a day for swing traders and not much was there for intraday traders over there. We could garner a small profit of 15 points after waiting patiently for our entry and modifying our trading plan.1) The Elder Ray readings : Bull Power rises from +71 to +123 Bear Power reduces from -5 to +62 indicating that the Bears are not able to sustain in their safe zone recently. 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 5835 to regain their lost grounds.2) The stochastics are now in the overbought zone and is yet pointing upwards.3) The Nifty has now closed above all its key EMAs and also above all its key DMAs. Having conquered all the important moving averages, the Nifty looks poised for more gains. 4) In the above chart, the volumes have decreased with the rise in the Nifty indicating lack of participation in this rise, which may find roadblocks ahead. The MACD continues to rise and the histogram too is rising in the positive. The ADX is now favoring the Bulls but the overall momentum as per the ADX is reducing. The Parabolic SAR continues with its buy signal with a SL now at 5667.5) Considering the above, our trading plan for the day is as under.a) Above 5925 we will open fresh long positions with a SL of 5900 and a target of 5970. We will add to these long positions only above 6010.b) Around 5985 we will open fresh short positions with a SL of 6010 and a target of 5940. We will add to these short positions only below 5900.Happy Trading !!! Also visit Just Nifty and the Nifty Range blogs.For cash market recommendations see our Daily Pre Market calls on NSE
Midweek indecision resolves on the up side. Week may end on a high note.
As discussed yesterday, the breakout which was delayed by a day, came out and the Nifty after opening with a positive gap of 78 points kept on trading with a bullish bias and made a high of 5949 before closing at 5935, maintaining its bullish stance. It was a day for swing traders and not much was there for intraday traders over there. We could garner a small profit of 15 points after waiting patiently for our entry and modifying our trading plan.
1) The Elder Ray readings : Bull Power rises from +71 to +123 Bear Power reduces from -5 to +62 indicating that the Bears are not able to sustain in their safe zone recently. 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 5835 to regain their lost grounds.
2) The stochastics are now in the overbought zone and is yet pointing upwards.
3) The Nifty has now closed above all its key EMAs and also above all its key DMAs. Having conquered all the important moving averages, the Nifty looks poised for more gains.
Nifty gets sold off, but holds on to rising support levels. Breakout imminent now.As discussed yesterday, we expected the Nifty to be poised for a breakout. However, the market had different ideas, and it seems the breakout program has got delayed by one day at least. The Nifty opened with a positive gap of 11 points and traded bullishly for the first few hours of trade, but could not scale the highs of 5879 which were made earlier in the day. There came in profit booking and the Nifty went down, but held on to the rising supports at 5790 and made a low of 5803 before closing at 5817. We did enter one trade and booked a small loss of 10 points.1) The Elder Ray readings : Bull Power rises from +58 to +71 Bear Power also rises from +28 to -5, indicating that the Bears have now recovered, but need more to do to remain in the contention. For today, the Bulls need to overcome the levels of 5885 to maintain their upwards momentum, whereas the Bears need to breach the levels of 5800 to maintain their downwards momentum.2) The stochastics keep on hovering around the overbought zone, confirming the bullish bias.3) The Nifty has closed above is 21EMA and 13EMA, but below its 8EMA 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. The MACD continues to point upwards from the negative and the histogram continues to remain in the positive. The ADX is suggesting a equal favor to both the Bulls and the Bears. The Parabolic SAR continues with its buy signal with the SL now at 5655.5) Considering the above, our trading plan for the day is as under.a) Around 5810 we will open fresh long positions with a SL of 5790 and a target of 5860. We will add to these long positions only above 5885. b) Around 5870 we will open fresh short positions with a SL of 5885 and a target of 5825. We will add to these short positions only below 5790.Happy Trading !!! Also visit Just Nifty and the Nifty Range blogs.For cash market recommendations see our Daily Pre Market calls on NSE
Nifty gets sold off, but holds on to rising support levels. Breakout imminent now.
As discussed yesterday, we expected the Nifty to be poised for a breakout. However, the market had different ideas, and it seems the breakout program has got delayed by one day at least. The Nifty opened with a positive gap of 11 points and traded bullishly for the first few hours of trade, but could not scale the highs of 5879 which were made earlier in the day. There came in profit booking and the Nifty went down, but held on to the rising supports at 5790 and made a low of 5803 before closing at 5817. We did enter one trade and booked a small loss of 10 points.
1) The Elder Ray readings : Bull Power rises from +58 to +71 Bear Power also rises from +28 to -5, indicating that the Bears have now recovered, but need more to do to remain in the contention. For today, the Bulls need to overcome the levels of 5885 to maintain their upwards momentum, whereas the Bears need to breach the levels of 5800 to maintain their downwards momentum.
2) The stochastics keep on hovering around the overbought zone, confirming the bullish bias.
3) The Nifty has closed above is 21EMA and 13EMA, but below its 8EMA and also below all its key DMAs.
Nifty trading range-bound for days together seems to be poised for a breakout.As discussed yesterday, the Nifty stayed within its trading range for the entire trading session, once again after opening with a positive gap and maintaining that gap throughout the day. The Nifty opened at 5835 up by 23 points and closed at 5859 with a gain of 47 points after making a high of 5865. None of our trading plans got triggered and we were happy sitting on the fence.1) The Elder Ray readings : Bull Power rises from +36 to +58 Bear Power reduces from -22 to +28 indicating that the Bears have now lost their safe zone immediately on the next day of regaining it twice on the trot. For today, the Bulls need to overcome the levels of 5875 to maintain their upwards momentum, whereas the Bears need to breach the Nifty below 5810 to regain their lost grounds.2) The Nifty continues to hover around the overbought zone.3) The Nifty has now closed above all its key EMAs and also above its 100DMA and 200DMA. However, it is below its 50DMA (5921). 4) In the above chart, the volumes have remained stagnant with the rise in the Nifty indicating that the rise may stall. The MACD continues to point up with the histogram remaining in the positive. The ADX is now favoring the Bulls, but is indicating loss of momentum in the rise. The Parabolic SAR continues with its buy signal with the SL now pegged at 5645.5) Considering the above, our trading plan for the day is as under.a) Above 5835, we will open fresh long positions with a SL of 5815 and a target of 5920. We will add to these long positions only above 5935.b) Around 5925, we will open fresh short positions with a SL of 5935 and a target of 5845. We will add to these short positions only below 5815.Happy Trading !!! Also visit Just Nifty and the Nifty Range blogs.For cash market recommendations see our Daily Pre Market calls on NSE
Nifty trading range-bound for days together seems to be poised for a breakout.
As discussed yesterday, the Nifty stayed within its trading range for the entire trading session, once again after opening with a positive gap and maintaining that gap throughout the day. The Nifty opened at 5835 up by 23 points and closed at 5859 with a gain of 47 points after making a high of 5865. None of our trading plans got triggered and we were happy sitting on the fence.
1) The Elder Ray readings : Bull Power rises from +36 to +58 Bear Power reduces from -22 to +28 indicating that the Bears have now lost their safe zone immediately on the next day of regaining it twice on the trot. For today, the Bulls need to overcome the levels of 5875 to maintain their upwards momentum, whereas the Bears need to breach the Nifty below 5810 to regain their lost grounds.
2) The Nifty continues to hover around the overbought zone.
3) The Nifty has now closed above all its key EMAs and also above its 100DMA and 200DMA. However, it is below its 50DMA (5921).
Taking supports and managing to close above 5800, Nifty stays range-bound.As discussed yesterday, the Bulls managed to hold on to key support levels and also managed to close the Nifty above the psychological level of 5800. The Nifty opened with a negative gap of 35 points at 5833 and then straightaway got sold off and remained under selling pressure in the morning session. However, after making a low of 5776, some buying came in and the Nifty tried to reach the day's open and high, but failed and closed at 5812 with a loss of 56 points. Our trading plan (a) got triggered and hit the SL, and we booked out with a small loss of 15 points.1) The Elder Ray readings : Bull Power reduces from +105 to +36 Bear Power rises from +63 to -22 indicating that the Bears have now regained their safe zone, but the Bulls are also in their safe zone and a tug of war might unfold now. For today, the Bulls need to overcome the levels of 5840 to maintain their upwards momentum whereas the Bears need to breach the levels of 5770 to maintain their downwards momentum.2) The stochastics continue to hover around the oversold zone.3) The Nifty has closed above all its key EMAs but has closed below all its key DMAs. 4) In the above chart, the volumes have increased with the fall in the Nifty indicating that the fall may continue. The MACD continues to point upwards, the histogram continues to remain in the positive. The ADX is suggesting equilibrium amongst the bulls and the bears, with a falling overall momentum. The Parabolic SAR continues with its buy signal with a SL of 5634.5) Considering the above, our trading plan for the day is as under.a) Around 5795 we will open fresh long positions with a SL of 5775 and a target of 5865. We will add to these long positions only above 5885.b) Around 5870 we will open fresh short positions with a SL of 5885 and a target of 5800. We will add to these short positions only below 5775.Happy Trading !!! Also visit Just Nifty and the Nifty Range blogs.For cash market recommendations see our Daily Pre Market calls on NSE
Taking supports and managing to close above 5800, Nifty stays range-bound.
As discussed yesterday, the Bulls managed to hold on to key support levels and also managed to close the Nifty above the psychological level of 5800. The Nifty opened with a negative gap of 35 points at 5833 and then straightaway got sold off and remained under selling pressure in the morning session. However, after making a low of 5776, some buying came in and the Nifty tried to reach the day's open and high, but failed and closed at 5812 with a loss of 56 points. Our trading plan (a) got triggered and hit the SL, and we booked out with a small loss of 15 points.
1) The Elder Ray readings : Bull Power reduces from +105 to +36 Bear Power rises from +63 to -22 indicating that the Bears have now regained their safe zone, but the Bulls are also in their safe zone and a tug of war might unfold now. For today, the Bulls need to overcome the levels of 5840 to maintain their upwards momentum whereas the Bears need to breach the levels of 5770 to maintain their downwards momentum.
2) The stochastics continue to hover around the oversold zone.
3) The Nifty has closed above all its key EMAs but has closed below all its key DMAs.
Although the Nifty displayed a red candle, the Bulls are still at advantage.As discussed on Friday, the equilibrium on the Nifty, was tilted towards the Bulls. The Nifty opened with a positive gap of 53 points at 5890 and immediately made a new high for the week at 5900. But then some profit booking crept in, and the Nifty came down to 5858, where it found support again and closed at 5868, in what was a very narrow trading range for the day. We could book a small profit of 15 points during this narrow ranged day.1) The Elder Ray readings : Bull Power rises from +65 to +105 Bear Power reduces from +3 to +63 indicating that the Bulls have still managed to increase their strength and the Bears have lost more grounds. For today, the Bulls need to overcome the levels of 5915 to maintain their upwards momentum whereas the Bears need to breach the levels of 5810 to regain their lost grounds.2) The stochastics are hovering around the overbought zone, confirming the Bullish momentum.3) The Nifty has closed all its key EMAs and also above its 200DMA and 100DMA. However, it has closed below its 50DMA (5924).4) In the above chart, the volumes have decreased indicating lack of participation. The MACD continues to point upwards being in the negative, with the histogram growing in the positive region. The ADX is now suggesting strong favor for the bulls. The Parabolic SAR continues with its buy signal with the SL now at 5623.5) Considering the above, our trading plan for the day is as under.a) Around 5815 we will open fresh long positions with a SL of 5790 and a target of 5885. We will add to these long positions only above 5940.b) Around 5915 we will open fresh short positions with a SL of 5940 and a target of 5845. We will add to these short positions only below 5790.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 displayed a red candle, the Bulls are still at advantage.
As discussed on Friday, the equilibrium on the Nifty, was tilted towards the Bulls. The Nifty opened with a positive gap of 53 points at 5890 and immediately made a new high for the week at 5900. But then some profit booking crept in, and the Nifty came down to 5858, where it found support again and closed at 5868, in what was a very narrow trading range for the day. We could book a small profit of 15 points during this narrow ranged day.
1) The Elder Ray readings : Bull Power rises from +65 to +105 Bear Power reduces from +3 to +63 indicating that the Bulls have still managed to increase their strength and the Bears have lost more grounds. For today, the Bulls need to overcome the levels of 5915 to maintain their upwards momentum whereas the Bears need to breach the levels of 5810 to regain their lost grounds.
2) The stochastics are hovering around the overbought zone, confirming the Bullish momentum.
3) The Nifty has closed all its key EMAs and also above its 200DMA and 100DMA. However, it has closed below its 50DMA (5924).
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