Nifty currently at a crucial juncture, with supports & resistances tightening.As discussed yesterday, we saw expiry jitters on the bourses, with the Nifty opening with a minor positive gap up above previous day's highs and yet giving up all the gains in the late hours only to close with a minor red tick. None of our trading plans got triggered, and we were happy to sit on the sidelines while the Nifty gyrated.1) The Elder Ray readings : Bull Power rises from +115 to +123 Bear Power also rises from +81 to +69, indicating that the Bears are clawing back but the Bulls are still in control of the Nifty. For today, the Bulls need to take the Nifty above 5720 to maintain their upwards momentum whereas the Bears need to breach the levels of 5595 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 stochastics are still in the overbought zone. 4) In the above chart, the volumes have increased with the minor fall in the Nifty, indicating that the past month has been heavily traded as yesterday was expiry day. The MACD is giving out a signal of exhaustion with the histogram also retracting. The ADX is signaling an overall loss of momentum with the bias still being bullish. The Parabolic SAR continues with its buy signal with a SL of 5615.5) Considering the above, our trading plan for the day is as under.a) Below 5680 we will open fresh short positions with a SL of 5700 and a target of 5630. We will add to these short positions only below 5600.b) Around 5620 we will open fresh long positions with a SL of 5600 and a target of 5675. We will add to these long positions only above 5705.Happy Trading !!!Also check out JustNifty and NiftyRange for more views on Nifty For cash market recommendations see our Daily Pre Market calls on NSE
Nifty currently at a crucial juncture, with supports & resistances tightening.
As discussed yesterday, we saw expiry jitters on the bourses, with the Nifty opening with a minor positive gap up above previous day's highs and yet giving up all the gains in the late hours only to close with a minor red tick. None of our trading plans got triggered, and we were happy to sit on the sidelines while the Nifty gyrated.
1) The Elder Ray readings : Bull Power rises from +115 to +123 Bear Power also rises from +81 to +69, indicating that the Bears are clawing back but the Bulls are still in control of the Nifty. For today, the Bulls need to take the Nifty above 5720 to maintain their upwards momentum whereas the Bears need to breach the levels of 5595 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 stochastics are still in the overbought zone.
On a day of series expiry, the Nifty may end consolidation with high volatility.As discussed yesterday, we were near the end of consolidation and the Nifty after a weak opening and dipping just below 5640, clawed back to a slightly higher level than the opening mark and closed at 5663. Our trading plan(a) got triggered and we were able to book a humble profit of 30 points by the end of the trading session.1) The Elder Ray readings : Bull Power reduces from +162 to +115 Bear Power rises from +112 to +81 indicating that the Bears have still a stiff task at their hands. For today, the Bulls need to take the Nifty above 5705 to maintain their upwards momentum whereas the Bears need to breach the Nifty below 5560 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 stochastics also continue to remain in the overbought zone. 4) In the above chart, the volumes have decreased with the narrow movement in the Nifty, indicating caution before expiry day. The MACD continues to rise with the histogram indicating a weakening of the up move. The ADX is also indicating a weakening of the momentum but is still favoring the Bulls. The Parabolic SAR continues with its buy signal with a SL of 5592.5) Considering the above, our trading plan for the day is as under.a) Around 5630 we will open fresh long positions with a SL of 5610 and a target of 5680. We will add to these long positions only above 5720.b) Around 5700 we will open fresh short positions with a SL of 5720 and a target of 5650. We will add to these short positions only below 5610.Happy Trading !!!Also check out JustNifty and NiftyRange blogs. For cash market recommendations see our Daily Pre Market calls on NSE
On a day of series expiry, the Nifty may end consolidation with high volatility.
As discussed yesterday, we were near the end of consolidation and the Nifty after a weak opening and dipping just below 5640, clawed back to a slightly higher level than the opening mark and closed at 5663. Our trading plan(a) got triggered and we were able to book a humble profit of 30 points by the end of the trading session.
1) The Elder Ray readings : Bull Power reduces from +162 to +115 Bear Power rises from +112 to +81 indicating that the Bears have still a stiff task at their hands. For today, the Bulls need to take the Nifty above 5705 to maintain their upwards momentum whereas the Bears need to breach the Nifty below 5560 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 stochastics also continue to remain in the overbought zone.
Nifty has seen a bullish consolidation for 2 days. Some more grind still left.As discussed yesterday, we saw Bulls holding the sway on the Nifty, as in spite of some profit booking, the Nifty never breached 5650 and consolidated during the entire trading session in a narrow range of 50 points. None of our trading plans got triggered and we were happy to sit on the sidelines.1) The Elder Ray readings : Bull Power reduces from +192 to +162 Bear Power rises from +145 to +112 indicating that the Bulls still hold the grip on the Nifty. For today, the Bulls need to overcome the levels of 5730 to maintain their upwards momentum, whereas the Bears need to breach the Nifty below 5550 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 continue to remain in the overbought zone, with no signs of coming down. 4) In the above chart, the volumes have increased exceptionally with the Nifty consolidating, indicating expiry jitters amongst the trading community. The MACD continues to rise unabated whereas the histogram shows some exhaustion. The ADX is also suggesting some loss of momentum for the Bulls, however, the Bears have no momentum with them at all. The Parabolic SAR continues with its buy signal with the SL now pegged at 5564.5) Considering the above, our trading plan for the day is as under.a) Around 5640, we will open fresh long positions with a SL of 5620 and a target of 5690. We will add to these long positions only above 5730.b) Around 5715, we will open fresh short positions with a SL of 5730 and a target of 5665. We will add to these short positions only below 5620.Happy Trading !!!Also check out Just Nifty and The Nifty Range blogs. For cash market recommendations see our Daily Pre Market calls on NSE
Nifty has seen a bullish consolidation for 2 days. Some more grind still left.
As discussed yesterday, we saw Bulls holding the sway on the Nifty, as in spite of some profit booking, the Nifty never breached 5650 and consolidated during the entire trading session in a narrow range of 50 points. None of our trading plans got triggered and we were happy to sit on the sidelines.
1) The Elder Ray readings : Bull Power reduces from +192 to +162 Bear Power rises from +145 to +112 indicating that the Bulls still hold the grip on the Nifty. For today, the Bulls need to overcome the levels of 5730 to maintain their upwards momentum, whereas the Bears need to breach the Nifty below 5550 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 continue to remain in the overbought zone, with no signs of coming down.
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