Bears have come back strongly in the past two sessions. Nifty has turned bearish.As discussed yesterday, we saw Expiry Jitters on the trading bourses. The Nifty opened with a negative gap down of 20 points at 5970, tried to bridge the gap and did succeed, but failed to retain those gains at 5991 and got sold off immediately. The downfall gave pauses around 5960 and again at 5948 and tried a bounce, but again failed. And then came the waterfall slide which took the Nifty below 5900 and made a low of 5896 before closing at 5908. We took two trades and booked a profit of 15 points in both trades put together.1) The Elder Ray readings : Bull Power reduces from +76 to +29 Bear Power rises from -9 to -66 indicating that both the Bulls and the Bears are in their respective safe zones, but the Bulls are sliding down as of now. For today, the Bulls need to overcome the levels of 5990 to maintain their upwards momentum whereas the Bears need to breach the levels of 5885 to maintain their downwards momentum.2) The stochastics are out of the overbought zone and are pointing downwards.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 increased with the fall in the Nifty indicating that the fall may continue. The MACD is indicating topping out and the histogram though in the positive, is falling. The ADX is showing a favor towards the down move. The Parabolic SAR has turned into a Sell signal with the SL now at 6093.5) Considering the above, our trading plan for the day is as under.a) Around 5955 we will open fresh short positions with a SL of 5975 and a target of 5860. We will add to these short positions only below 5840.b) Around 5855 we will open fresh long positions with a SL of 5840 and a target of 5930. 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
Bears have come back strongly in the past two sessions. Nifty has turned bearish.
As discussed yesterday, we saw Expiry Jitters on the trading bourses. The Nifty opened with a negative gap down of 20 points at 5970, tried to bridge the gap and did succeed, but failed to retain those gains at 5991 and got sold off immediately. The downfall gave pauses around 5960 and again at 5948 and tried a bounce, but again failed. And then came the waterfall slide which took the Nifty below 5900 and made a low of 5896 before closing at 5908. We took two trades and booked a profit of 15 points in both trades put together.
1) The Elder Ray readings : Bull Power reduces from +76 to +29 Bear Power rises from -9 to -66 indicating that both the Bulls and the Bears are in their respective safe zones, but the Bulls are sliding down as of now. For today, the Bulls need to overcome the levels of 5990 to maintain their upwards momentum whereas the Bears need to breach the levels of 5885 to maintain their downwards momentum.
2) The stochastics are out of the overbought zone and are pointing downwards.
3) The Nifty has closed below all its key EMAs but has closed above all its key DMAs.
Bears set their foot in with a bang. Nifty poses bearish ahead of series expiry.As discussed yesterday, volatility was on the rise. The Nifty opened with a 46 points gap down at 6032 and made a quick high of 6047, from where the Bears took over and pulled down the Nifty below 6000 and way down to 5963 before closing at 5990 with a whopping loss of 87 points. There were two attempts of recovery but were both successfully thwarted by the Bears. We took one trade as per trading plan(a) and booked a small loss of 25 points.1) The Elder Ray readings : Bull Power reduces from +125 to +76 Bear Power rises from +93 to -9 indicating that now both the Bulls and the Bears are in their respective safe zones. For today, the Bulls need to overcome the levels of 6050 to maintain their upwards momentum whereas the Bears need to breach the Nifty below 5960 to maintain their downwards momentum.2) The stochastics have started pointing downwards from the overbought zone.3) The Nifty has closed below its 8EMA but has closed above its 13EMA and 21EMA and has also closed 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 is showing signs of topping out with the histogram reducing in the positive zone. The ADX is suggesting a loss in the Bullish momentum and a rise in the Bearish momentum, however it is still favoring the Bulls. The Parabolic SAR continues with its Buy signal with the SL now shifted to 5931.5) Considering the above, our trading plan for the day is as under.a) Around 5960 we will open fresh long positions with a SL of 5940 and a target of 6015. We will add to these long positions only above 6040.b) Around 6025 we will open fresh short positions with a SL of 6040 and a target of 5970. We will add to these short positions only below 5940.Happy Trading !!! Also visit Just Nifty and the Nifty Range blogs.For cash market recommendations see our Daily Pre Market calls on NSE
Bears set their foot in with a bang. Nifty poses bearish ahead of series expiry.
As discussed yesterday, volatility was on the rise. The Nifty opened with a 46 points gap down at 6032 and made a quick high of 6047, from where the Bears took over and pulled down the Nifty below 6000 and way down to 5963 before closing at 5990 with a whopping loss of 87 points. There were two attempts of recovery but were both successfully thwarted by the Bears. We took one trade as per trading plan(a) and booked a small loss of 25 points.
1) The Elder Ray readings : Bull Power reduces from +125 to +76 Bear Power rises from +93 to -9 indicating that now both the Bulls and the Bears are in their respective safe zones. For today, the Bulls need to overcome the levels of 6050 to maintain their upwards momentum whereas the Bears need to breach the Nifty below 5960 to maintain their downwards momentum.
2) The stochastics have started pointing downwards from the overbought zone.
3) The Nifty has closed below its 8EMA but has closed above its 13EMA and 21EMA and has also closed above all its key DMAs.
Nifty gaps up & consolidates as resistance creeps in at higher levels. Caution ahead.As discussed yesterday, post a consolidation, the Bullish status quo was maintained. The Nifty gapped up with a 33 point positive at 6064 and then traded with a Bullish bias within a 32 point range for the entire trading session, during which it made a high of 6093 and a low of 6061 before closing at 6078. We took a trade on the short side as per our trading plan(b) and exited with a small profit of 10 points by EOD.1) The Elder Ray readings : Bull Power rises from +114 to +125 Bear Power reduces from +55 to +93 indicating that the Bulls have gained further strength as of now and the Bulls have got themselves cornered. 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 5985 to regain their lost ground.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 risen with the rise in the Nifty indicating that the up move may continue. The MACD has almost reach the top and is still pointing upwards. The ADX is suggesting gain in the Bullish momentum. The Parabolic SAR continues with its Buy signal with a SL at 5900.5) Considering the above, our trading plan for the day is as under.a) Around 6035 we will open fresh long positions with a SL of 6015 and a target of 6110. We will add to these long positions only above 6140.b) Around 6125 we will open fresh short positions with a SL of 6140 and a target of 6055. 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
Nifty gaps up & consolidates as resistance creeps in at higher levels. Caution ahead.
As discussed yesterday, post a consolidation, the Bullish status quo was maintained. The Nifty gapped up with a 33 point positive at 6064 and then traded with a Bullish bias within a 32 point range for the entire trading session, during which it made a high of 6093 and a low of 6061 before closing at 6078. We took a trade on the short side as per our trading plan(b) and exited with a small profit of 10 points by EOD.
1) The Elder Ray readings : Bull Power rises from +114 to +125 Bear Power reduces from +55 to +93 indicating that the Bulls have gained further strength as of now and the Bulls have got themselves cornered. 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 5985 to regain their lost ground.
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.
Nifty has yet another consolidation day and maintains its Bullish stance as yet.As discussed yesterday, the expiry week started with a Bullish stance. The Nifty opened with a negative gap down of 19 points at 6010, made a low of 6004 and swiftly moved into the green territory. It then attempted to cross the monthly high of 6067, but stalled at 6064, 3 points shy. After that, the sentiment got spoiled on announcement of quarterly results by Larsen & Toubro, and the Nifty came down into the negative zone again, but stayed above the 6020 and closed at 6032 with a meager gain of 3 points. 1) The Elder Ray readings : Bull Power reduces from +131 to +114 Bear Power rises from +84 to +55 indicating that though the Bears have gained some grounds, they are still far away from their safe zone and the Bulls are sitting pretty tight in the drivers seat as of now. For today, the Bulls need to overcome the levels of 6080 to maintain their upwards momentum whereas the Bears need to breach the levels of 5965 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 above all its key EMAs and also above all its key DMAs. 4) In the above chart, the volumes have depleted with the stagnation in the Nifty indicating lack of participation and a wait for further direction. The MACD continues to rise with the histogram remaining in the positive. The ADX is suggesting a fall in the Bullish momentum but still is favoring the Bulls. The Parabolic SAR continues with its buy signal with the SL now moved to 5869.5) 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 6070. We will add to these long positions only above 6095.b) Around 6080 we will open fresh short positions with a SL of 6095 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
Nifty has yet another consolidation day and maintains its Bullish stance as yet.
As discussed yesterday, the expiry week started with a Bullish stance. The Nifty opened with a negative gap down of 19 points at 6010, made a low of 6004 and swiftly moved into the green territory. It then attempted to cross the monthly high of 6067, but stalled at 6064, 3 points shy. After that, the sentiment got spoiled on announcement of quarterly results by Larsen & Toubro, and the Nifty came down into the negative zone again, but stayed above the 6020 and closed at 6032 with a meager gain of 3 points.
1) The Elder Ray readings : Bull Power reduces from +131 to +114 Bear Power rises from +84 to +55 indicating that though the Bears have gained some grounds, they are still far away from their safe zone and the Bulls are sitting pretty tight in the drivers seat as of now. For today, the Bulls need to overcome the levels of 6080 to maintain their upwards momentum whereas the Bears need to breach the levels of 5965 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 above all its key EMAs and also above all its key DMAs.
Nifty having consolidated, forms a NR7 day. Range breakout to be watched out for.As discussed on Friday, we expected the Nifty to challenge 6100. However, the Nifty chose to consolidate in a narrow range of 6067 6020, still maintaining the Bullish stance, and it may still have a dash at 6100.1) The Elder Ray readings : Bull Power stagnates at +131 Bear Power reduces from +54 to +84, indicating that the Bulls have had a good day of profit booking with the Bears losing further ground. For today, the Bulls need to overcome the levels of 6080 to maintain their upwards momentum whereas the Bears need to breach the levels of 5950 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 remained stagnant with the stagnation in the Nifty indicating the healthy consolidation. The MACD continues to point upwards and now is in the positive. The Histogram is also in the positive. The ADX is suggesting a stalling of the Bullish momentum but is still favoring the up move. The Parabolic SAR continues with its Buy signal with the SL now moved to 5836.5) Considering the above, our trading plan for the day is as under.a) Around 5995 we will open fresh long positions with a SL of 5775 and a target of 6075. We will add to these long positions only above 6095.b) Around 6080 we will open fresh short positions with a SL of 6095 and a target of 6020. We will add to these short positions only below 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 having consolidated, forms a NR7 day. Range breakout to be watched out for.
As discussed on Friday, we expected the Nifty to challenge 6100. However, the Nifty chose to consolidate in a narrow range of 6067 6020, still maintaining the Bullish stance, and it may still have a dash at 6100.
1) The Elder Ray readings : Bull Power stagnates at +131 Bear Power reduces from +54 to +84, indicating that the Bulls have had a good day of profit booking with the Bears losing further ground. For today, the Bulls need to overcome the levels of 6080 to maintain their upwards momentum whereas the Bears need to breach the levels of 5950 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.
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