The Nifty evades a major fall in spite of weak global cues. Bullish up trend on.As discussed yesterday, it was a litmus test for the Bulls owing to very weak global cues. The Nifty opened with a whopping 50 point gap down, yet never really traded below the opening mark and closed at 5739 recovering 30 points of the loss by the end of the trading session. Our plan (a) triggered on the up side and we could book a mild profit of 25 points during that trade.1) The Elder Ray readings : Bull Power reduces from +87 to +47 Bear Power rises from +21 to -3 indicating that the Bears have now regained their territory and must work hard to retain that with them. For today the Bulls need to overcome the levels of 5755 to maintain their upwards momentum whereas the Bears need to breach the levels of 5695 to maintain their downwards momentum.2) The Nifty has yet again closed above all its key EMAs and also above all its key DMAs.3) The stochastics are in the overbought zone and are pointing downwards now. 4) In the above chart the volumes have increased indicating that there is buying interest at lower levels on the Nifty. The MACD continues to indicate a upward move with the Histogram now coming back to the positive zone. The ADX is suggesting some loss of momentum for the up move but still favors the bulls. The Parabolic SAR continues with its buy signal.5) Considering the above our trading plan for the day is as under.a) Around 5710 we will open fresh long positions with a SL of 5690 and a target of 5760. We will add to these long positions only above 5785.b) Around 5775 we will open fresh short positions with a SL of 5785 and a target of 5730. We will add to these short positions only below 5690.Happy Trading !!! Also visit Just Nifty and the Nifty Range blogs.For cash market recommendations see our Daily Pre Market calls on NSE
The Nifty evades a major fall in spite of weak global cues. Bullish up trend on.
As discussed yesterday, it was a litmus test for the Bulls owing to very weak global cues. The Nifty opened with a whopping 50 point gap down, yet never really traded below the opening mark and closed at 5739 recovering 30 points of the loss by the end of the trading session. Our plan (a) triggered on the up side and we could book a mild profit of 25 points during that trade.
1) The Elder Ray readings : Bull Power reduces from +87 to +47 Bear Power rises from +21 to -3 indicating that the Bears have now regained their territory and must work hard to retain that with them. For today the Bulls need to overcome the levels of 5755 to maintain their upwards momentum whereas the Bears need to breach the levels of 5695 to maintain their downwards momentum.
2) The Nifty has yet again closed above all its key EMAs and also above all its key DMAs.
3) The stochastics are in the overbought zone and are pointing downwards now.
Just after confirming a breakout, Bulls faced with acid test of weak global cues.As discussed yesterday, a breakout was possible on the Nifty and that breakout did occur after the initial hiccups in the morning session. The Nifty opened with a 6 point gap down, but swiftly recovered all the losses and gained momentum to touch 5777 before closing at 5760 with a gain of 36 points. The Nifty confirmed a breakout with a close above the 5730 5750 resistance band. However, weak global cues are pointing towards a weak opening and Bulls have a tough task of defending yesterday's lows and must give a close above 5750 again.1) The Elder Ray readings : Bull Power rises from +52 to +87 Bear Power reduces from +15 to +24 indicating that the Nifty is under the spell of the Bulls. For today, the Bulls need to overcome the levels of 5785 to maintain their upwards momentum whereas the Bears need to breach the levels of 5690 on the Nifty 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 continue to remain in the overbought zone. 4) In the above chart the volumes have increased with the rise in the Nifty indicating that the up move may be sustainable. The MACD has just triggered on the upside with the red line crossing the blue line on the upside. The ADX is suggesting a really strong momentum for the up move. The Parabolic SAR continues with its Buy signal.5) Considering the above, our trading plan for the day is as under.a) Around 5720 we will open fresh long positions with a SL of 5700 and a target of 5790. We will add to these long positions only above 5805.b) Around 5795 we will open fresh short positions with a SL of 5805 and a target of 5750. We will add to these short positions only below 5700.Happy Trading !!! Also visit Just Nifty and the Nifty Range blogs.For cash market recommendations see our Daily Pre Market calls on NSE
Just after confirming a breakout, Bulls faced with acid test of weak global cues.
As discussed yesterday, a breakout was possible on the Nifty and that breakout did occur after the initial hiccups in the morning session. The Nifty opened with a 6 point gap down, but swiftly recovered all the losses and gained momentum to touch 5777 before closing at 5760 with a gain of 36 points. The Nifty confirmed a breakout with a close above the 5730 5750 resistance band. However, weak global cues are pointing towards a weak opening and Bulls have a tough task of defending yesterday's lows and must give a close above 5750 again.
1) The Elder Ray readings : Bull Power rises from +52 to +87 Bear Power reduces from +15 to +24 indicating that the Nifty is under the spell of the Bulls. For today, the Bulls need to overcome the levels of 5785 to maintain their upwards momentum whereas the Bears need to breach the levels of 5690 on the Nifty 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 continue to remain in the overbought zone.
Nifty continues to push at the top of the trading range in an attempted breakout.As discussed yesterday, the Nifty was at the top of the trading range. The Nifty opened with a 10 point gap down and then made several attempts at the 5730 5750 resistance band during the trading session, all through never really breaching 5690. The Nifty closed just below the resistance band at 5724 with a gain of 20 points. This has been a 5th consecutive positive close. 1) The Elder Ray readings : Bull Power rises from +38 to +52 Bear Power reduces from +9 to +15 indicating the grip of the Bulls that exists on the Nifty. For today, the Bulls need to overcome the levels of 5740 to maintain their upwards momentum whereas the Bears need to breach the levels of 5680 on the Nifty 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 have got back into the overbought zone within 9 trading sessions and with abysmally low trading volumes. 4) In the above chart the volumes continue to remain low with a small rise in the Nifty indicating the lack of participation. The MACD continues to show a positive divergence but still not triggering a positive buy signal. The MACD histogram continues in the negative. The ADX continues to show favor to the up move. The Parabolic SAR continues to give out its buy signal.5) Considering the above, our trading plan for the day is as under.a) Around 5700 we will open fresh long positions with a SL of 5680 and a target of 5740. We will add to these long positions only above 5770.b) Around 5740 we will open fresh short positions with a SL of 5770 and a target of 5710. We will add to these short positions only below 5680.Happy Trading !!! Also visit Just Nifty and the Nifty Range blogs.For cash market recommendations see our Daily Pre Market calls on NSE
Nifty continues to push at the top of the trading range in an attempted breakout.
As discussed yesterday, the Nifty was at the top of the trading range. The Nifty opened with a 10 point gap down and then made several attempts at the 5730 5750 resistance band during the trading session, all through never really breaching 5690. The Nifty closed just below the resistance band at 5724 with a gain of 20 points. This has been a 5th consecutive positive close.
1) The Elder Ray readings : Bull Power rises from +38 to +52 Bear Power reduces from +9 to +15 indicating the grip of the Bulls that exists on the Nifty. For today, the Bulls need to overcome the levels of 5740 to maintain their upwards momentum whereas the Bears need to breach the levels of 5680 on the Nifty 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 have got back into the overbought zone within 9 trading sessions and with abysmally low trading volumes.
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