Bulls maintain their advantage and now a global rally comes to their aid.As discussed yesterday, we expected roadblocks ahead for bulls. The Nifty opened at 6001 with a minor negative gap of 6 points and made a quick high of 6031 and then traded bearishly. However, the Bears were not able to breach the support at 5979 and the Nifty after making a low of 5980 recovered and traded in a narrow range. The Nifty finally closed bullishly at 6021 with a gain of 14 points. We did not take any trade yesterday.1) The Elder Ray readings : Bull Power reduces from +129 to +128 Bear Power also reduces from -10 to +74 indicating that the Bulls have held their control over the Nifty and now the Bulls are out of their safe zone. For today, the Bulls need to overcome the levels of 6055 to maintain their upwards momentum whereas the Bears need to breach the Nifty below 5925 to regain their lost grounds.
2) The stochastics are in the neutral zone and are 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 decreased with the small rise in the Nifty indicating that the market is waiting in high anticipation. The MACD continues to point horizontal with the histogram now moving into the positive. The ADX is suggesting loss of momentum for both the Bulls and the Bears. The Parabolic SAR continues with its buy signal with the SL now shifted up to 5708.
5) Considering the above, our trading plan for the day is as under.
a) Around 6080 we will open fresh short positions with a SL of 6105 and a target of 5985. We will add to these short positions only below 5935.
b) Around 5955 we will open fresh long positions with a SL of 5935 and a target of 6055. We will add to these long positions only above 6105.
Happy Trading !!! Also visit Just Nifty and the Nifty Range blogs.For cash market recommendations see our Daily Pre Market calls on NSE
Bulls maintain their advantage and now a global rally comes to their aid.
As discussed yesterday, we expected roadblocks ahead for bulls. The Nifty opened at 6001 with a minor negative gap of 6 points and made a quick high of 6031 and then traded bearishly. However, the Bears were not able to breach the support at 5979 and the Nifty after making a low of 5980 recovered and traded in a narrow range. The Nifty finally closed bullishly at 6021 with a gain of 14 points. We did not take any trade yesterday.
1) The Elder Ray readings : Bull Power reduces from +129 to +128 Bear Power also reduces from -10 to +74 indicating that the Bulls have held their control over the Nifty and now the Bulls are out of their safe zone. For today, the Bulls need to overcome the levels of 6055 to maintain their upwards momentum whereas the Bears need to breach the Nifty below 5925 to regain their lost grounds.
2) The stochastics are in the neutral zone and are pointing upwards.
3) The Nifty continues to close above all its key EMAs and also above all its key DMAs.
Bulls close the Nifty emphatically post a negative opening. Roadblocks ahead.As discussed yesterday, we had expected the volatility to continue and that is what the trading session turned out to be. The Nifty opened with a negative gap down of 35 points at 5893 and made a quick low of 5877 within the first hour of trade. However, after that, the Bulls took charge and there was buying throughout the day and the Nifty kept on making newer highs for the day without giving up even 20 points ever. The Nifty finally made a high of 6015 before closing at 6007 with a gain of a whopping 79 points. We did not take any trade as our trading plan got triggered right at the fag end of the trading session.1) The Elder Ray readings : Bull Power rises from +115 to +129 Bear Power also rises from +46 to -10 indicating that both the Bulls and the Bears are in the reckoning now and this may induce even more volatility. For today the Bulls need to overcome the levels of 6035 to maintain their upwards momentum whereas the Bears need to breach the levels of 5880 to maintain their downwards momentum.2) The stochastics are still in the neutral zone and are 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 increased with the rise in the Nifty indicating that the up move can continue. The MACD continues to point horizontal with the histogram turning into positive. The ADX is suggesting a loss of momentum for the Bulls. The Parabolic SAR has turned into a Buy signal now with the SL at 5701.5) Considering the above, our trading plan for the day is as under.a) Around 5935 we will open fresh long positions with a SL of 5915 and a target of 6055. We will add to these long positions only above 6085.b) Around 6060 we will open fresh short positions with a SL of 6085 and a target of 5945. We will add to these short positions only below 5915.Happy Trading !!! Also visit Just Nifty and the Nifty Range blogs.For cash market recommendations see our Daily Pre Market calls on NSE
Bulls close the Nifty emphatically post a negative opening. Roadblocks ahead.
As discussed yesterday, we had expected the volatility to continue and that is what the trading session turned out to be. The Nifty opened with a negative gap down of 35 points at 5893 and made a quick low of 5877 within the first hour of trade. However, after that, the Bulls took charge and there was buying throughout the day and the Nifty kept on making newer highs for the day without giving up even 20 points ever. The Nifty finally made a high of 6015 before closing at 6007 with a gain of a whopping 79 points. We did not take any trade as our trading plan got triggered right at the fag end of the trading session.
1) The Elder Ray readings : Bull Power rises from +115 to +129 Bear Power also rises from +46 to -10 indicating that both the Bulls and the Bears are in the reckoning now and this may induce even more volatility. For today the Bulls need to overcome the levels of 6035 to maintain their upwards momentum whereas the Bears need to breach the levels of 5880 to maintain their downwards momentum.
2) The stochastics are still in the neutral zone and are pointing upwards.
3) The Nifty continues to close above all its key EMAs and also above all its key DMAs.
Nifty could not sustain the opening gap & drifted down. Rangebound trade expected.As discussed yesterday, the Nifty remained volatile throughout the trade yesterday. The Nifty opened with a huge positive gap of 69 points at 5975 made a quick high of 5982 and started to drift down. One more attempt at the highs was quickly sold into by the Bears and the Nifty continued to drift down again. The late hour sell off saw the Nifty close near its day low (5913). The Nifty closed at 5928 with a gain of 22 points. We took a trade on the short side and could book a profit of 35 points on that trade.1) The Elder Ray readings : Bull Power rises from +55 to +115 Bear Power reduces from -31 to +46 indicating that despite the close near its lows, Bears have lost their safe grounds and the Bulls have advanced. For today the Bulls need to overcome the levels of 5995 to maintain their upwards momentum whereas the Bears need to breach the levels of 5875 to regain their lost grounds.2) The stochastics continue to remain in the neutral 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 horizontal with the histogram remaining in the negative. The ADX is showing a whipsaw like situation now favoring the Bulls. The Parabolic SAR continues with its sell signal with the SL now shifted down to 5982.
5) Considering the above, our trading plan for the day is as under.
a) Around 5860 we will open fresh long positions with a SL of 5835 and a target of 5965. We will add to these long positions only above 6020.
b) Around 5995 we will open fresh short positions with a SL of 6020 and a target of 5895. We will add to these short positions only below 5835.
Happy Trading !!! Also visit Just Nifty and the Nifty Range blogs.For cash market recommendations see our Daily Pre Market calls on NSE
Nifty could not sustain the opening gap & drifted down. Rangebound trade expected.
As discussed yesterday, the Nifty remained volatile throughout the trade yesterday. The Nifty opened with a huge positive gap of 69 points at 5975 made a quick high of 5982 and started to drift down. One more attempt at the highs was quickly sold into by the Bears and the Nifty continued to drift down again. The late hour sell off saw the Nifty close near its day low (5913). The Nifty closed at 5928 with a gain of 22 points. We took a trade on the short side and could book a profit of 35 points on that trade.
1) The Elder Ray readings : Bull Power rises from +55 to +115 Bear Power reduces from -31 to +46 indicating that despite the close near its lows, Bears have lost their safe grounds and the Bulls have advanced. For today the Bulls need to overcome the levels of 5995 to maintain their upwards momentum whereas the Bears need to breach the levels of 5875 to regain their lost grounds.
2) The stochastics continue to remain in the neutral zone.
3) The Nifty continues to close above all its key EMAs and also above all its key DMAs.
Nifty tests support levels and bounces back. Volatility on the rise. Trade the range.As discussed yesterday, we saw volatility on the rise on the Nifty. The Nifty opened again with a 18 point negative gap at 5889 and then traded bearishly for the first half of the trading session, making a low of 5826, from where the buying set in and the Nifty surged to 5880 where it strolled for about an hour or so and then the Bulls took over and took the Nifty past 5900 to make a intraday high of 5911 before closing at 5906 with a minor loss of 1 point. We took a trade on the long side and could book a profit of 40 points on that trade.1) The Elder Ray readings : Bull Power reduces from +102 to +55 Bear Power rises from +37 to -31 indicating that the Nifty is in equilibrium. For today, the Bulls need to overcome the levels of 5920 to maintain their upwards momentum, whereas the Bears need to breach the levels of 5825 to maintain their downwards momentum.2) The stochastics are still in the neutral zone and are still pointing horizontally flat.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 Nifty remaining flat indicating indecision amongst the traders. The MACD continues to point horizontal with the histogram continuing to be in the negative. The ADX is suggesting a mild favor for the Bears. The Parabolic SAR continues to give out its sell signal with the SL now at 5989.5) Considering the above, our trading plan for the day is as under.a) Around 5975 we will open fresh short positions with a SL of 5995 and a target of 5860. We will add to these short positions only below 5815.b) Around 5840 we will open fresh long positions with a SL of 5815 and a target of 5950. We will add to these long positions only above 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 tests support levels and bounces back. Volatility on the rise. Trade the range.
As discussed yesterday, we saw volatility on the rise on the Nifty. The Nifty opened again with a 18 point negative gap at 5889 and then traded bearishly for the first half of the trading session, making a low of 5826, from where the buying set in and the Nifty surged to 5880 where it strolled for about an hour or so and then the Bulls took over and took the Nifty past 5900 to make a intraday high of 5911 before closing at 5906 with a minor loss of 1 point. We took a trade on the long side and could book a profit of 40 points on that trade.
1) The Elder Ray readings : Bull Power reduces from +102 to +55 Bear Power rises from +37 to -31 indicating that the Nifty is in equilibrium. For today, the Bulls need to overcome the levels of 5920 to maintain their upwards momentum, whereas the Bears need to breach the levels of 5825 to maintain their downwards momentum.
2) The stochastics are still in the neutral zone and are still pointing horizontally flat.
3) The Nifty continues to close above all its key EMAs and also above all its key DMAs.
Nifty maintains Bullish stance amidst rising volatility. Buy the dips and Sell the rises.As discussed on Friday, the Global cues were worrying, and the Nifty turned volatile in a trading session that saw the Nifty close very very flat. The Nifty opened with a negative gap of 18 points at 5891 and then traded with a rising volatility in a range of 65 points between 5885 and 5950, twice hitting both the lows and the highs during the day and finally closing flat with a loss of 2 points. We did not venture into any trades and were happy to watch the gyrations of the Nifty.1) The Elder Ray readings : Bull Power rises from +79 to +102 Bear Power reduces from -36 to +37 indicating that the Bulls are now in control and that the Bears have again lost their grounds. For today, the Bulls need to overcome the levels of 5960 to maintain their upwards momentum whereas the Bears need to breach the levels of 5855 to regain their lost grounds.2) The stochastics are in the neutral zone and are pointing flat.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 Nifty remaining flat, indicating indecision amongst the traders. The MACD continues to be on the negative side although it is flattening out too. The ADX is now suggesting a mild bias towards the Bulls. The Parabolic SAR continues to give out its sell call with the SL now shifted down to 6014.5) Considering the above, our trading plan for the day is as under.a) Around 5945 we will open fresh short positions with a SL of 5975 and a target of 5855. We will add to these short positions only below 5815.b) Around 5845 we will open fresh long positions with a SL of 5815 and a target of 5935. 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
Nifty maintains Bullish stance amidst rising volatility. Buy the dips and Sell the rises.
As discussed on Friday, the Global cues were worrying, and the Nifty turned volatile in a trading session that saw the Nifty close very very flat. The Nifty opened with a negative gap of 18 points at 5891 and then traded with a rising volatility in a range of 65 points between 5885 and 5950, twice hitting both the lows and the highs during the day and finally closing flat with a loss of 2 points. We did not venture into any trades and were happy to watch the gyrations of the Nifty.
1) The Elder Ray readings : Bull Power rises from +79 to +102 Bear Power reduces from -36 to +37 indicating that the Bulls are now in control and that the Bears have again lost their grounds. For today, the Bulls need to overcome the levels of 5960 to maintain their upwards momentum whereas the Bears need to breach the levels of 5855 to regain their lost grounds.
2) The stochastics are in the neutral zone and are pointing flat.
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.
