Nifty gives highest close in last one year. Newer highs expected with volumes.As discussed yesterday, Nifty was expected to break out of its trading range and move higher. As such the Nifty opened above our target (5935) with a positive gap up of 32 points and for the rest of the session traded above that point, making a intraday high of 5964 before closing at 5951 with a gain of 46 points. None of our trading plans got triggered as the Nifty traded above our expected trading range.1) The Elder Ray readings : Bull Power rises from +37 to +72 Bear Power reduces from +15 to +43 indicating that the Bulls are now in the driving seat and the Bears are way out of their safe zone. For today, the Bulls need to overcome the levels of 5975 to maintain their upwards momentum whereas the Bears need to breach the levels of 5895 to regain their lost grounds.2) The Nifty continues to close above all its key EMAs and also above all its key DMAs.3) The fast stochastics are already in the overbought zone with the slow stochastics following close by but in the neutral zone. 4) In the above chart the volumes seem to have bottomed out with the rise in the Nifty indicating bullish sentiments amongst the market participants. The MACD is showing a upward bias with the histogram rising towards the zero line. The ADX is also suggesting a rise in the bullish momentum. The Parabolic SAR is now giving out a buy signal with a SL at 5823.5) 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 5935. We will add to these short positions only below 5905.b) Around 5925 we will open fresh long positions with a SL of 5905 and a target of 5965. 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 gives highest close in last one year. Newer highs expected with volumes.
As discussed yesterday, Nifty was expected to break out of its trading range and move higher. As such the Nifty opened above our target (5935) with a positive gap up of 32 points and for the rest of the session traded above that point, making a intraday high of 5964 before closing at 5951 with a gain of 46 points. None of our trading plans got triggered as the Nifty traded above our expected trading range.
1) The Elder Ray readings : Bull Power rises from +37 to +72 Bear Power reduces from +15 to +43 indicating that the Bulls are now in the driving seat and the Bears are way out of their safe zone. For today, the Bulls need to overcome the levels of 5975 to maintain their upwards momentum whereas the Bears need to breach the levels of 5895 to regain their lost grounds.
2) The Nifty continues to close above all its key EMAs and also above all its key DMAs.
3) The fast stochastics are already in the overbought zone with the slow stochastics following close by but in the neutral zone.
At the start of the new year, Nifty poised for a breakout. Watch out for newer highs.As discussed yesterday, we expected the Nifty to end the year on a high note. However, the Nifty spent the day, preparing for the breakout which might come in starting today onwards. The Nifty opened with a small gap down of 7 points, spent the entire trading session within a narrow range of 23 points before closing for the day with a small loss of about 2 points. None of our trading plans got triggered, and we were happy to spend the day sitting on the side lines.1) The Elder Ray readings : Bull Power reduces from +38 to +37 Bear Power also reduces from +1 to +15 indicating that the Bears are now going farther from their safe zone, and need to act soon. For today, the Bulls need to overcome the levels of 5925 to maintain their upwards momentum whereas the Bears need to breach the levels of 5885 to regain their lost grounds.2) The Nifty has closed above all its key EMAs and also above all its key DMAs.3) The stochastics are in the neutral zone and are now pointing upwards. 4) In the above chart, the volumes have been low while the Nifty has been stagnant indicating anxiety and lack of participation amongst the trading community. The MACD has flattened out now and has stopped falling further. The ADX is indicating a bottoming out of the momentum and is favoring the Bulls. The Parabolic SAR continues with its sell signal with a SL of 5926.5) Considering the above, our trading plan for the day is as under.a) Around 5880 we will open fresh long positions with a SL of 5860 and a target of 5935. We will add to these long positions only above 5950.b) Around 5935 we will open fresh short positions with a SL of 5950 and a target of 5895. We will add to these short positions only below 5860.Happy Trading !!! Also visit Just Nifty and the Nifty Range blogs.For cash market recommendations see our Daily Pre Market calls on NSE
At the start of the new year, Nifty poised for a breakout. Watch out for newer highs.
As discussed yesterday, we expected the Nifty to end the year on a high note. However, the Nifty spent the day, preparing for the breakout which might come in starting today onwards. The Nifty opened with a small gap down of 7 points, spent the entire trading session within a narrow range of 23 points before closing for the day with a small loss of about 2 points. None of our trading plans got triggered, and we were happy to spend the day sitting on the side lines.
1) The Elder Ray readings : Bull Power reduces from +38 to +37 Bear Power also reduces from +1 to +15 indicating that the Bears are now going farther from their safe zone, and need to act soon. For today, the Bulls need to overcome the levels of 5925 to maintain their upwards momentum whereas the Bears need to breach the levels of 5885 to regain their lost grounds.
2) The Nifty has closed above all its key EMAs and also above all its key DMAs.
3) The stochastics are in the neutral zone and are now pointing upwards.
With the Bulls reclaiming 5900 again, the Nifty poised for a high note now.As discussed on Friday, it turned out to be a volatile session at end of week as the Nifty opened with a 17 point gap up and then gyrated within a 30 point range for major part of the trading session and just as it seemed that the Bulls would breach the previous day's lows, in the last hour of trade, the Bulls took hold of the Nifty and took it past 5900 to close at 5908 with a gain of 38 points. Our trading plan(b) triggered in the morning and we could book out with a minor gain of 15 points as our trailing stop loss got hit.1) The Elder Ray readings : Bull Power reduces from +58 to +38 Bear Power also reduces from -9 to +1 indicating that the Bears are now out or their territory again and a Bullish up move can be expected. For today, the Bulls need to overcome the levels of 5925 to maintain their upwards momentum whereas the Bears need to breach the levels of 5880 to regain their lost grounds.2) The Nifty has again closed above all its key EMAs and also above all its key DMAs.3) The stochastics are right in the middle and are now pointing upwards. 4) In the above chart, the volumes have again dipped with the rise in the Nifty indicating that the rise may not sustain. The MACD is showing early signs of an up move that need to be confirmed. The ADX is showing a fall in the bullish momentum, but still favors the bulls. The Parabolic SAR continues with its sell call with a SL of 5931.5) Considering the above, our trading plan for the day is as under.a) Around 5880 we will open fresh long positions with a SL of 5860 and a target of 5925. We will add to these long positions only above 5955.b) Around 5935 we will open fresh short positions with a SL of 5955 and a target of 5895. We will add to these short positions only below 5860.Happy Trading !!! Also visit Just Nifty and the Nifty Range blogs.For cash market recommendations see our Daily Pre Market calls on NSE
With the Bulls reclaiming 5900 again, the Nifty poised for a high note now.
As discussed on Friday, it turned out to be a volatile session at end of week as the Nifty opened with a 17 point gap up and then gyrated within a 30 point range for major part of the trading session and just as it seemed that the Bulls would breach the previous day's lows, in the last hour of trade, the Bulls took hold of the Nifty and took it past 5900 to close at 5908 with a gain of 38 points. Our trading plan(b) triggered in the morning and we could book out with a minor gain of 15 points as our trailing stop loss got hit.
1) The Elder Ray readings : Bull Power reduces from +58 to +38 Bear Power also reduces from -9 to +1 indicating that the Bears are now out or their territory again and a Bullish up move can be expected. For today, the Bulls need to overcome the levels of 5925 to maintain their upwards momentum whereas the Bears need to breach the levels of 5880 to regain their lost grounds.
2) The Nifty has again closed above all its key EMAs and also above all its key DMAs.
3) The stochastics are right in the middle and are now pointing upwards.
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