Opening rally fizzles out & Nifty closes 85 points below its highs. Not bearish yet.
As discussed yesterday, Bulls were missing their final thrust. There came the semblance of this thrust when the Nifty after opening subdued with a 16 point gap down at 6163 raced to above 6235 within the first 30 minutes of trade and climbed to make a high of 6252. However, this level could not be sustained and the Nifty started its slide down and some consistent selling saw the Nifty not only breach its opening lows but also close near the opening mark after making a intraday low of 6143. We took two lots of short positions as per our trading plan and garnered a profit of 100 points by EOD.
1) The Elder Ray readings : Bull Power rises from +136 to +159 Bear Power reduces from +35 to +49 indicating that though the Nifty closed with some losses, the Bulls have actually gained some power and the Bears have lost further grounds. For today, the Bulls need to overcome the levels of 6265 to maintain their upwards momentum whereas the Bears need to breach the levels of 6105 to regain their lost grounds.
2) The stochastics continue to remain in the overbought zone and are now looking to come down.
3) The Nifty continues to close above all its key EMAs and also above all its key DMAs.
Nifty holds on to key support levels and bounces back but remains sell on rise.
As discussed yesterday, the Bulls retained their control on the Nifty, however, they missed out on the much needed thrust for the up move to continue and the Bears had a look in. The Nifty opened with a positive gap of 7 points at 6210 and made a quick high of 6218 and then got sold off to reach the lows of 6117 and traded bearishly for most of the trading session. A late hour flourish by the Bulls then saw the Nifty recover most of the losses to close at 6178 which was 60 points above the low but quite below the psychological level of 6200. We took two trades and could book a minor profit of 10 points as one of the trades hit the SL.
1) The Elder Ray readings : Bull Power reduces from +154 to +136 Bear Power rises from +116 to +35 indicating that though the Bulls have still retained the control on the Nifty, the Bears have been gaining steadily and quietly during the past 3 trading sessions. For today, the Bulls need to overcome the levels of 6235 to maintain their upwards momentum whereas the Bears need to breach the levels of 6095 to regain their lost grounds.
2) The stochastics continue to be in the oversold zone.
3) The Nifty continues to close above all its key DMAs and also above all its key EMAs.
Nifty continues its range bound consolidation and maintains the Bullish bias.As discussed yesterday, the Bulls still need that final thrust. The Nifty opened gap down of 13 points at 6192 and traded in a very narrow range of less than 40 points for the entire trading session. However, having made a higher high and a higher low, technically the Nifty has maintained its bullish stance. None of our trades as planned got triggered and we were happy sitting out watching the trade terminal.1) The Elder Ray readings : Bull Power reduces from +176 to +154 Bear Power rises from +120 to +116 indicating that the Bulls have retained their control and are ready for more. For today, the Bulls need to overcome the levels of 6245 to maintain their upwards momentum whereas the Bears need to breach the levels of 6090 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 decreased with the Nifty remaining stagnant indicating caution in the minds of the traders. The MACD continues with its positive bias. The ADX is suggesting a loss of momentum for the Bulls. The Parabolic SAR continues with its Buy signal with the SL now raised to 5945.5) Considering the above, our trading plan for the day is as under.a) Around 6155 we will open fresh long positions with a SL of 6130 and a target of 6225. We will add to these long positions only above 6275.b) Around 6250 we will open fresh short positions with a SL of 6275 and a target of 6170. We will add to these short positions only below 6130.Happy Trading !!! Also visit Just Nifty and the Nifty Range blogs.For cash market recommendations see our Daily Pre Market calls on NSE
Nifty continues its range bound consolidation and maintains the Bullish bias.
As discussed yesterday, the Bulls still need that final thrust. The Nifty opened gap down of 13 points at 6192 and traded in a very narrow range of less than 40 points for the entire trading session. However, having made a higher high and a higher low, technically the Nifty has maintained its bullish stance. None of our trades as planned got triggered and we were happy sitting out watching the trade terminal.
1) The Elder Ray readings : Bull Power reduces from +176 to +154 Bear Power rises from +120 to +116 indicating that the Bulls have retained their control and are ready for more. For today, the Bulls need to overcome the levels of 6245 to maintain their upwards momentum whereas the Bears need to breach the levels of 6090 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.
Nifty undergoes intraday consolidation. Bulls need a final thrust for more upsides.As discussed yesterday, the Bulls did turn the tide in their favor. The Nifty opened with a positive gap of 13 points at 6202 and then saw some profit booking and traded within a confined range of 55 points making a intraday low of 6163 and closing positive with a gain of 16 points at 6205. The Nifty continued to maintain its bullish stance thus. None of our trading plans got triggered and we preferred to wait for our chance.1) The Elder Ray readings : Bull Power reduces from +185 to +176 Bear Power also reduces from +55 to +120 indicating that this profit booking has weakened the Bears further while making only a marginal dent to the Bulls. For today, the Bulls need to overcome the levels of 6250 to maintain their upwards momentum whereas the Bears need to breach the levels of 6080 to regain their lost grounds.2) The stochastics continue to remain in the overbought zone and are still pointing horizontal.3) The Nifty continues to close above all its key EMAs and also above all its key DMAs. 4) In the above chart volumes have decreased with the rise in the Nifty indicating that the up move may stall. The MACD continues to remain positive with the histogram also remaining above zero. The ADX is suggesting a stalling of the Bullish momentum but is still favoring the Bulls. The Parabolic SAR continues with its Buy signal with the SL now raised to 5900.5) Considering the above, our trading plan for the day is as under.a) Around 6155 we will open fresh long positions with a SL of 6130 and a target of 6230. We will add to these long positions only above 6280.b) Around 6255 we will open fresh short positions with a SL of 6280 and a target of 6160. We will add to these short positions only below 6130.Happy Trading !!! Also visit Just Nifty and the Nifty Range blogs.For cash market recommendations see our Daily Pre Market calls on NSE
Nifty undergoes intraday consolidation. Bulls need a final thrust for more upsides.
As discussed yesterday, the Bulls did turn the tide in their favor. The Nifty opened with a positive gap of 13 points at 6202 and then saw some profit booking and traded within a confined range of 55 points making a intraday low of 6163 and closing positive with a gain of 16 points at 6205. The Nifty continued to maintain its bullish stance thus. None of our trading plans got triggered and we preferred to wait for our chance.
1) The Elder Ray readings : Bull Power reduces from +185 to +176 Bear Power also reduces from +55 to +120 indicating that this profit booking has weakened the Bears further while making only a marginal dent to the Bulls. For today, the Bulls need to overcome the levels of 6250 to maintain their upwards momentum whereas the Bears need to breach the levels of 6080 to regain their lost grounds.
2) The stochastics continue to remain in the overbought zone and are still pointing horizontal.
3) The Nifty continues to close above all its key EMAs and also above all its key DMAs.
After a two day down move, the Bulls take over the control. Volatility may unleash.On Friday, we expected the Bias to turn Bearish. However, the Bulls had other ideas. The Nifty opened with a positive gap of 25 points at 6071 and then swiftly moved across our identified resistance zone of 6095 to 6115 and then never looked back. The Nifty closed at 6189 after making a high of 6201 making a gain of 144 points. We took a trade on the long side at 6122 and booked out with a profit of 60 points at the EOD.1) The Elder Ray readings : Bull Power rises from +124 to +185 Bear Power reduces from +45 to +55 indicating that the Bulls are in control of the Nifty and that the Bears need to come in thick and fast to be of some semblance in this scenario. For today, the Bulls need to overcome the levels of 6230 to maintain their upwards momentum whereas the Bears need to breach the Nifty below 6040 to regain their lost grounds.2) The stochastics remain in the overbought zone and are pointing horizontal.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 has also started rising with the histogram remaining in the positive. The ADX is also suggesting a rise in the Bullish momentum and a loss of Bearish momentum. The Parabolic SAR continues with its Buy signal with the SL now raised to 5856.5) Considering the above, our trading plan for the day is as under.a) Around 6135 we will open fresh long positions with a SL of 6110 and a target of 6225. We will add to these long positions only above 6265.b) Around 6245 we will open fresh short positions with a SL of 6265 and a target of 6150. We will add to these short positions only below 6110.Happy Trading !!! Also visit Just Nifty and the Nifty Range blogs.For cash market recommendations see our Daily Pre Market calls on NSE
After a two day down move, the Bulls take over the control. Volatility may unleash.
On Friday, we expected the Bias to turn Bearish. However, the Bulls had other ideas. The Nifty opened with a positive gap of 25 points at 6071 and then swiftly moved across our identified resistance zone of 6095 to 6115 and then never looked back. The Nifty closed at 6189 after making a high of 6201 making a gain of 144 points. We took a trade on the long side at 6122 and booked out with a profit of 60 points at the EOD.
1) The Elder Ray readings : Bull Power rises from +124 to +185 Bear Power reduces from +45 to +55 indicating that the Bulls are in control of the Nifty and that the Bears need to come in thick and fast to be of some semblance in this scenario. For today, the Bulls need to overcome the levels of 6230 to maintain their upwards momentum whereas the Bears need to breach the Nifty below 6040 to regain their lost grounds.
2) The stochastics remain in the overbought zone and are pointing horizontal.
3) The Nifty continues to close above all its key EMAs and also above all its key DMAs.
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