Bulls riding the complacency wave have still some steam left. Newer highs possible.
As discussed yesterday, there were Expiry Jitters seen on the Nifty, but only in the penultimate hour of trading. The Nifty opened with a 15 point gap down at 6237 and never dropped meaningfully during the entire session and kept trading afloat in the range of 6235 to 6270 for most of the trading session. In the last hour of trade the Nifty dropped 25 points and then not only recovered but also scaled new heights and made a high of 6309 before closing at 6299 with a gain of 47 points.
1) The Elder Ray readings : Bull Power rises from +132 to +149 Bear Power also rises from +85 to +76 indicating that the Bulls are in full control of the Nifty and the Bears have their work cut out. For today, the Bulls need to overcome the levels of 6335 to maintain their upwards momentum whereas the Bears need to breach the levels of 6185 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.
Bulls have their grip on the Nifty ahead of the crucial expiry. May see profit booking.
As discussed yesterday, Bulls made the Nifty stay afloat, with the Nifty opening with a gap up of 10 points at 6231 and then trading within a small range from 6223 to 6269 before closing at the levels of 6252. The Nifty range has contracted again and we could see a big move on either side for today's expiry. We booked a small loss of 20 points in the trade taken yesterday.
1) The Elder Ray readings : Bull Power rises from +110 to +132 Bear Power reduces from -39 to +85 indicating that the Bears have again lost their territory and the Bulls are sitting merrily. For today the Bulls need to overcome the levels of 6290 to maintain their upwards momentum whereas the Bears need to breach the levels of 6155 to regain their lost grounds.
2) The stochastics are yet again in the overbought zone.
3) The Nifty has closed above all its key EMAs and also above all its key DMAs.
After initial blushes, Nifty soars to recover losses of last two days. Neutral as of now.
As discussed yesterday, Bears had regained their footing, however, after a RBI policy that was already priced in by the market, the Bulls took over the Nifty and the Nifty soared back to near its highs which were in place a few days ago. The Nifty opened with a mild positive gap of 6 points at 6108 and then traded bearishly for the first couple of hours and breached yesterday's lows and made a low at 6082 before recovering the fall from the day's high of 6118 till then. In the mayhem post the announcement of the RBI policy, the Nifty made a low of 6079 and then started its march upwards. The Nifty then never looked back and finally closed at 6221 after making a intraday high of 6228. We took a trade as per our trading plan, however booked a loss of 25 points as the SL got hit.
1) The Elder Ray readings : Bull Power rises from +68 to +110 Bear Power also rises from -7 to -39 indicating that the Nifty has no clear driver as we approach expiry within a couple of trading sessions. 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 6130 to maintain their downwards momentum.
2) The stochastics are back into the overbought zone.
3) The Nifty has closed above all its key EMAs and also above all its key DMAs.
On the eve of the RBI policy, Bears regain their footing. Nifty can plummet downwards.
As discussed yesterday, the Nifty was still in a Sell on Rise mode. The Nifty opened with a 10 point gap up at 6155 and made a quick high of 6169 within the first hour of trade. After that, the slide began and the Nifty continued to get sold off till making a low of 6094 before closing at 6101 with a loss of 44 points. We did not participate in the trade yesterday as our trading plan was hit at the fag end of the trading session.
1) The Elder Ray readings : Bull Power reduces from +74 to +68 Bear Power rises from +25 to -7 indicating that the Bears have now crawled back into the safe territory but need more work to do to retain their positional safety. For today, the Bulls need to overcome the levels of 6170 to maintain their upwards momentum whereas the Bears need to breach the levels of 6090 to maintain their downwards momentum.
2) The stochastics are now clearly out of the overbought zone and are pointing downwards.
3) The Nifty has closed below its 8EMA but has closed above its 13EMA and 21EMA and also all its key DMAs.
Nifty continues to be selling on every rise, but finds supports at key EMA levels.
As discussed on Friday, the Sell on Rise asserted yet again, as the Nifty gyrated within a 50 point range between the high of 6175 and the low of 6126 during the entire trading session and closing with a loss of 19 points at 6145.
1) The Elder Ray readings : Bull Power reduces from +159 to +74 Bear Power rises from +49 to +25 indicating that the Bears are crawling back to normalcy where as the Bulls seem to be hit by some amount of complacency. For today, the Bulls need to overcome the levels of 6180 to maintain their upwards momentum whereas the Bears need to breach the levels of 6115 to regain their lost grounds.
2) The stochastics are on the verge of falling down from 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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