Nifty consolidates at the top end of the range. Expect to remain Bullish as yet.
As discussed yesterday, the Nifty has been venturing in unchartered territories. The Nifty having opened with a negative gap down of 35 points, dipped a bit lower right in the first few minutes of trade and made a low point of 6487. Thereafter the Nifty traded with an increased volatility in the range of 6545 and 6495 all through out the trading session. In the last hour of trade, the Nifty attempted a break out which got thwarted at 6562 and the Nifty closed at 6537 with a gain of 11 points over the previous close, but 25 points away from the high point of the day. We did not take any trade during this trading session.
1) The Elder readings : Bull Power reduces from +261 to +248 Bear Power also reduces from +136 to +173 indicating that the Bulls have taken some profits but are still holding the Bears at bay. For today, the Bulls need to overcome the levels of 6595 to maintain their upwards momentum whereas the Bears need to breach the levels of 6360 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 reduced with the rise in the Nifty indicating that the up move may find resistance. The MACD continues to point upwards and the histogram continues to grow in the positive. The ADX however is suggesting a lowering of the Bullish momentum. The Parabolic SAR continues with its Buy signal with the SL now brought up to 6301.
5) Considering the above, our trading plan for the day is as under.
a) Around 6500 we will open fresh long positions with a SL of 6480 and a target of 6560. We will add to these long positions only above 6595.
b) Around 6575 we will open fresh short positions with a SL of 6595 and a target of 6515. We will add to these short positions only below 6480.
Happy Trading !!!
Buy calls on SRF ASHAPURMIN & L&TFH hit their targets on 10 Mar 2014
Also visit Just Nifty and the Nifty Range blogs.
For cash market recommendations see our Daily Pre Market calls on NSE
As discussed yesterday, the Nifty has been venturing in unchartered territories. The Nifty having opened with a negative gap down of 35 points, dipped a bit lower right in the first few minutes of trade and made a low point of 6487. Thereafter the Nifty traded with an increased volatility in the range of 6545 and 6495 all through out the trading session. In the last hour of trade, the Nifty attempted a break out which got thwarted at 6562 and the Nifty closed at 6537 with a gain of 11 points over the previous close, but 25 points away from the high point of the day. We did not take any trade during this trading session.
1) The Elder readings : Bull Power reduces from +261 to +248 Bear Power also reduces from +136 to +173 indicating that the Bulls have taken some profits but are still holding the Bears at bay. For today, the Bulls need to overcome the levels of 6595 to maintain their upwards momentum whereas the Bears need to breach the levels of 6360 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 reduced with the rise in the Nifty indicating that the up move may find resistance. The MACD continues to point upwards and the histogram continues to grow in the positive. The ADX however is suggesting a lowering of the Bullish momentum. The Parabolic SAR continues with its Buy signal with the SL now brought up to 6301.
5) Considering the above, our trading plan for the day is as under.
a) Around 6500 we will open fresh long positions with a SL of 6480 and a target of 6560. We will add to these long positions only above 6595.
b) Around 6575 we will open fresh short positions with a SL of 6595 and a target of 6515. We will add to these short positions only below 6480.
Happy Trading !!!
Buy calls on SRF ASHAPURMIN & L&TFH hit their targets on 10 Mar 2014
Also visit Just Nifty and the Nifty Range blogs.
For cash market recommendations see our Daily Pre Market calls on NSE
No comments:
Post a Comment
Please add your comments here. Comments will be moderated.