With a break out above the trading range, Nifty may eye newer highs for now.As discussed yesterday, the Nifty remained range-bound with a Bullish bias. The Nifty opened with a small positive gap of 11 points at 5985 and then traded within a small range of 30 points between 6005 on the higher side and 5975 on the lower side. However, after 2 pm, the Bulls took over and helped the Nifty cross the threshold of 6015 and took it straight to 6051 before closing at 6038. We undertook two trades, one on the short side and another on the long side and could book a profit of 50 points in both trades put together.1) The Elder Ray readings : Bull Power rises from +89 to +131 Bear Power reduces from +26 to +54, indicating that the Bulls are getting stronger and that the Bears are further losing their grip on the Nifty. For today, the Bulls need to overcome the levels of 6070 to maintain their upwards momentum whereas the Bears need to breach the Nifty below 5940 to regain their lost grounds.2) The stochastics continue to remain in the overbought zone and are still pointing upwards.3) The Nifty continues to close well above all its key EMAs and also above all its key DMAs. 4) In the above chart the volumes continue to remain high with the rise in the Nifty indicating that the up move may continue. The MACD continues to point upwards with the histogram remaining in the positive. The ADX is now indicating a strong bias towards the Bulls and is also indicating a rising overall momentum. The Parabolic SAR continues with its Buy signal with a SL on 5805.5) 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 5995 and a target of 6080. We will add to these long positions only above 6110.b) Around 6090 we will open fresh short positions with a SL of 6110 and a target of 6025. We will add to these short positions only below 5995.Happy Trading !!! Also visit Just Nifty and the Nifty Range blogs.For cash market recommendations see our Daily Pre Market calls on NSE
With a break out above the trading range, Nifty may eye newer highs for now.
As discussed yesterday, the Nifty remained range-bound with a Bullish bias. The Nifty opened with a small positive gap of 11 points at 5985 and then traded within a small range of 30 points between 6005 on the higher side and 5975 on the lower side. However, after 2 pm, the Bulls took over and helped the Nifty cross the threshold of 6015 and took it straight to 6051 before closing at 6038. We undertook two trades, one on the short side and another on the long side and could book a profit of 50 points in both trades put together.
1) The Elder Ray readings : Bull Power rises from +89 to +131 Bear Power reduces from +26 to +54, indicating that the Bulls are getting stronger and that the Bears are further losing their grip on the Nifty. For today, the Bulls need to overcome the levels of 6070 to maintain their upwards momentum whereas the Bears need to breach the Nifty below 5940 to regain their lost grounds.
2) The stochastics continue to remain in the overbought zone and are still pointing upwards.
3) The Nifty continues to close well above all its key EMAs and also above all its key DMAs.
Nifty gyrates within a range with volatility on the rise. Trade the ranges for now.As suggested yesterday, we saw how the Nifty retained the bullish stance. The Nifty opened with a small positive gap of 17 points at 5972 made a high of 5988 and got sold off on the back of a sell off in the Banks and traded bearishly for almost the entire trading session making a low of 5927. However, in the last hour of the trade, the Bulls took over and the Nifty got back into the green, made a feeble attempt at crossing the highs, touched 5990, and closed at 5973, retaining the Bullish bias. Our trading plan(a) triggered in the last hour and we could make a profit of 40 points on that trade.1) The Elder Ray readings : Bull Power rises from +77 to +89 Bear Power reduces from +22 to +26 indicating that the attempts by the Bears till now have not been effective and that the Bulls are retaining the control on the Nifty. For today, the Bulls need to overcome the levels of 6005 to maintain their upwards momentum whereas the Bears need to breach the Nifty below 5910 to regain their lost grounds.2) The stochastics continue to remain in the overbought zone but are pointing down now.3) The Nifty continues to close above all its key EMAs and also above 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. The MACD is now in the positive but is showing early signs of exhaustion. The histogram continues to remain in the positive. The ADX is showing preference for the up move, although indicating some loss of momentum for the Bulls. The Parabolic SAR continues with its Buy call with the SL now pegged at 5777.5) Considering the above, our trading plan for the day is as under.a) Around 5955 we will open fresh long positions with a SL of 5935 and a target of 5995. We will add to these long positions only above 6015.b) Around 6005 we will open fresh short positions with a SL of 6015 and a target of 5960. We will add to these short positions only below 5935.Happy Trading !!! Also visit Just Nifty and the Nifty Range blogs.For cash market recommendations see our Daily Pre Market calls on NSE
Nifty gyrates within a range with volatility on the rise. Trade the ranges for now.
As suggested yesterday, we saw how the Nifty retained the bullish stance. The Nifty opened with a small positive gap of 17 points at 5972 made a high of 5988 and got sold off on the back of a sell off in the Banks and traded bearishly for almost the entire trading session making a low of 5927. However, in the last hour of the trade, the Bulls took over and the Nifty got back into the green, made a feeble attempt at crossing the highs, touched 5990, and closed at 5973, retaining the Bullish bias. Our trading plan(a) triggered in the last hour and we could make a profit of 40 points on that trade.
1) The Elder Ray readings : Bull Power rises from +77 to +89 Bear Power reduces from +22 to +26 indicating that the attempts by the Bears till now have not been effective and that the Bulls are retaining the control on the Nifty. For today, the Bulls need to overcome the levels of 6005 to maintain their upwards momentum whereas the Bears need to breach the Nifty below 5910 to regain their lost grounds.
2) The stochastics continue to remain in the overbought zone but are pointing down now.
3) The Nifty continues to close above all its key EMAs and also above all its key DMAs.
Despite yesterday's fall, Nifty holds on to key supports and retains bullish stance.In our yesterday's post, we suggested Nifty bullish only above 5990. However, that level never came in the trade yesterday. The Nifty opened with a massive negative gap of 100 points at 5931 and almost immediately made the day's low of 5911, after which it crawled back and sustained all the selling pressure, making the day's high of 5966 in the last hour of trade before closing at 5955. Our pre-market trading plans went out of the window right after the gap down opening. However, we took 3 trades in the long direction during the day, and booked a profit of 55 points.1) The Elder Ray readings : Bull Power reduces from +160 to +77 Bear Power rises from +103 to +22, indicating that the Bears have stopped short and not taken the full advantage of the gap down opening yesterday. For today, the Bulls need to overcome the levels of 5980 to maintain their upwards momentum whereas the Bears need to breach the levels of 5900 to regain their lost grounds.2) The stochastics continue to remain in the overbought zone.3) The Nifty continues to close above all its key EMAs and also above 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 and has now almost reached the positive zone. The Histogram continues to remain in the positive. The ADX is suggesting a loss of momentum for the Bulls and a rise in momentum for the Bears. However, it is still favoring the Bulls. The Parabolic SAR continues with its Buy signal with the SL now pegged at 5748.5) Considering the above, our trading plan for the day is as under.a) Around 5940 we will open fresh long positions with a SL of 5920 and a target of 6000. We will add to these long positions only above 6025.b) Around 6010 we will open fresh short positions with a SL of 6025 and a target of 5965. We will add to these short positions only below 5920.Happy Trading !!! Also visit Just Nifty and the Nifty Range blogs.For cash market recommendations see our Daily Pre Market calls on NSE
Despite yesterday's fall, Nifty holds on to key supports and retains bullish stance.
In our yesterday's post, we suggested Nifty bullish only above 5990. However, that level never came in the trade yesterday. The Nifty opened with a massive negative gap of 100 points at 5931 and almost immediately made the day's low of 5911, after which it crawled back and sustained all the selling pressure, making the day's high of 5966 in the last hour of trade before closing at 5955. Our pre-market trading plans went out of the window right after the gap down opening. However, we took 3 trades in the long direction during the day, and booked a profit of 55 points.
1) The Elder Ray readings : Bull Power reduces from +160 to +77 Bear Power rises from +103 to +22, indicating that the Bears have stopped short and not taken the full advantage of the gap down opening yesterday. For today, the Bulls need to overcome the levels of 5980 to maintain their upwards momentum whereas the Bears need to breach the levels of 5900 to regain their lost grounds.
2) The stochastics continue to remain in the overbought zone.
3) The Nifty continues to close above all its key EMAs and also above all its key DMAs.
Yesterday's price action indicates exhaustion creeping in. Caution for Bulls.As discussed yesterday, Nifty maintained its bullish bias, and as suggested to buy those dips, the trades would have been rewarded. Having said that, the price action is indicative of some exhaustion creeping in and caution is suggested for long positions going ahead. The Nifty opened with a negative gap of 18 points as the expected profit booking came in after a 200 point up move. Then the Bulls took over and the Nifty withheld the day's lows and moved past the day's highs to make a high of 6038 before closing at 6031. 1) The Elder Ray readings : Bull Power reduces from +167 to +160 Bear Power also reduces from +99 to +103 indicating that the Bulls are losing steam here, but the Bears are nowhere in the picture to take advantage of that fact. For today, the Bulls need to overcome the levels of 6065 to maintain their upwards momentum whereas the Bears need to breach the levels of 5890 to regain their lost grounds.2) The stochastics continue to remain well and deep into the overbought zone.3) The Nifty continues to close above all its key EMAs and also above all its key DMAs. 4) In the above chart, the volumes have decreased with the rise in the Nifty indicating that the rise may stall shortly. The MACD continues to rise and the histogram also continues to rise. ADX is suggesting a pause in the Bullish momentum but is still favoring the Bulls. The Parabolic SAR continues to give out a buy signal with the SL at 5716.5) Considering the above, our trading plan for the day is as under.a) Around 5970 we will open fresh long positions with a SL of 5950 and a target of 6020. We will add to these long positions only above 6050.b) Around 6030 we will open fresh short positions with a SL of 6050 and a target of 5980. 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
Yesterday's price action indicates exhaustion creeping in. Caution for Bulls.
As discussed yesterday, Nifty maintained its bullish bias, and as suggested to buy those dips, the trades would have been rewarded. Having said that, the price action is indicative of some exhaustion creeping in and caution is suggested for long positions going ahead. The Nifty opened with a negative gap of 18 points as the expected profit booking came in after a 200 point up move. Then the Bulls took over and the Nifty withheld the day's lows and moved past the day's highs to make a high of 6038 before closing at 6031.
1) The Elder Ray readings : Bull Power reduces from +167 to +160 Bear Power also reduces from +99 to +103 indicating that the Bulls are losing steam here, but the Bears are nowhere in the picture to take advantage of that fact. For today, the Bulls need to overcome the levels of 6065 to maintain their upwards momentum whereas the Bears need to breach the levels of 5890 to regain their lost grounds.
2) The stochastics continue to remain well and deep into the overbought zone.
3) The Nifty continues to close above all its key EMAs and also above all its key DMAs.
Nifty gains 200 points in two sessions, may see some cooling off. Buy those dips.
As discussed on Friday, the Nifty ended on a bullish note, making a new weekly high and closing just below that one. The Nifty opened with a whopping gap of 65 points at 6000, made a quick high of 6018 and then struggled for almost the entire session, but never breached 5950 and in the last hour of trade, again made that high and closed at 6009. We took our 40 points profit on the trade that was opened on the previous day.
1) The Elder Ray readings : Bull Power rises from +123 to +167 Bear Power reduces from +62 to +99 indicating that the Bulls are now driving the Nifty and that the Bears are way out of their safe zone. For today, the Bulls need to overcome the levels of 6045 to maintain their upwards momentum whereas the Bears need to breach the Nifty below 5875 to regain their lost grounds.
2) The stochastics are well and deep into the overbought zone and are still pointing upwards.
3) The Nifty has closed above all its key EMAs and also above all its key DMAs.
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Disclaimer : We express our opinions on this blog primarily as a method of record keeping, i.e. archiving what was our opinion about the markets on any given particular day end. As such, trading in derivatives can be extremely dangerous to you and your finances. We strongly advice you to consult your financial advisor before trading based on the opinions published on this blog. We shall not be held responsible, under any circumstances, for any financial loss or profit, that may be accrued due to your trades being affected by our opinions.
