Nifty - 28 Feb 2014 - Bullish up move continues

At the start of a fresh series, Bullish grip on the Nifty. Caution required though.

On Wednesday, the Nifty continued its Bullish march and never looked like giving up any of its gains. Today, at the start of a fresh series, the Bulls still hold on to their grip on the Nifty. However, caution should be exercised at higher levels.

1) The Elder Ray readings : Bull Power rises from +92 to +105 Bear Power reduces from +51 to +61 indicating that the Bulls are strengthening their control on the Nifty. For today, the Bulls need to overcome the levels of 6260 to maintain their upwards momentum whereas the Bears need to breach the levels of 6155 to regain their lost grounds.

2) The stochastics continue to remain in the overbought zone.

3) The Nifty has closed above all its key EMAs and also above all its key DMAs.

Nifty - 25 Feb 2014 - Bulls strengthen their grip

Nifty rises above key moving averages as Bulls take a strong grip on the Nifty.

As discussed yesterday, on the Nifty, the Up move continued without volumes. The Nifty opened with a negative gap down of 15 points at 6141 and made a quick low at 6131 and continued its march towards our identified resistance zone of 6185 6200. The Nifty made a high of 6192 before closing at 6186 with a nett gain of 31 points. We took a trade on the short side and came out at cost at EOD.

1) The Elder Ray readings : Bull Power rises from +59 to +79 Bear Power reduces from +8 to +18 indicating that the Bulls are strengthening their grip on the Nifty. For today, the Bulls need to overcome the levels of 6205 to maintain their upwards momentum whereas the Bears need to breach the levels of 6125 to regain their lost grounds. 

2) The stochastics continue to remain in the overbought zone.

3) The Nifty has now closed above all its key EMAs and also above all its key DMAs.

Nifty - 24 Feb 2014 - Up move continues without volumes

Bulls keep the Nifty afloat, but volumes keep low. Range bound movements expected.

As discussed on Friday, the Nifty which was "Hovering around Neutrality", managed to open with a positive gap up of 17 points at 6108 and then traded above that opening mark for the entire trading session. The Nifty made a high of 6160 in the last hour of trade, before closing at 6155, amidst low volumes, thus keeping this up move intact, but suspect. We took a trade on the short side and lost 20 points as our SL got hit.

1) The Elder Ray readings : Bull Power rises from +38 to +59 Bear Power reduces from -5 to +8 indicating that the Bulls have a slight advantage as of now, but the Bears are not far away. 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 6105 to regain their lost grounds.

2) The stochastics are back into the overbought zone.

3) The Nifty has closed above all its key EMAs and also above its 200DMA. However it is at its 100DMA and below its 50DMA.