As expiry approaches, the Nifty will be held high by the Bulls.
As discussed yesterday, the up move continued on the Nifty, with the Nifty closing with a gain of 43 points. The expiry of the current series is just two sessions away, and the Bears are a beaten down lot. This will enable the Bulls to hold the Nifty high, even if they are not able to cross even higher hurdles.
1) The Elder Ray readings : Bull Power reduces from +217 to +201 Bear Power increases from +155 to +141, indicating that the Bears although were able to open the Nifty in the red, thereby gaining some strength, were not able to sustain it and the Bulls once again closed the Nifty in the positive.
2) The Nifty continues to trade well above its key EMAs and DMAs. The 200 DMA has now actually started to turn upwards.
3) The stochastics are still in the overbought zone, and are showing no indications of coming below.
4) In the above chart, the Bollinger Bands are clearly pointing upwards, with a small space for the Nifty to rise. The MACD is rising and is in the positive, confirming the up-move. The ADX is suggesting that the up-move may not sustain for long now.
5) Considering the above, our trading plan for the day is as under
a) Above 5595, we will open fresh long positions with a SL of 5575 and a target of 5645. We will add to these long positions only above 5670.
b) Around 5665, we will open fresh short positions with a SL of 5685 and a target of 5600. We will add to these short positions only below 5570.
Happy Trading !!!
For cash market recommendations see our Daily Pre Market calls on NSE
As discussed yesterday, the up move continued on the Nifty, with the Nifty closing with a gain of 43 points. The expiry of the current series is just two sessions away, and the Bears are a beaten down lot. This will enable the Bulls to hold the Nifty high, even if they are not able to cross even higher hurdles.
1) The Elder Ray readings : Bull Power reduces from +217 to +201 Bear Power increases from +155 to +141, indicating that the Bears although were able to open the Nifty in the red, thereby gaining some strength, were not able to sustain it and the Bulls once again closed the Nifty in the positive.
2) The Nifty continues to trade well above its key EMAs and DMAs. The 200 DMA has now actually started to turn upwards.
3) The stochastics are still in the overbought zone, and are showing no indications of coming below.
4) In the above chart, the Bollinger Bands are clearly pointing upwards, with a small space for the Nifty to rise. The MACD is rising and is in the positive, confirming the up-move. The ADX is suggesting that the up-move may not sustain for long now.
5) Considering the above, our trading plan for the day is as under
a) Above 5595, we will open fresh long positions with a SL of 5575 and a target of 5645. We will add to these long positions only above 5670.
b) Around 5665, we will open fresh short positions with a SL of 5685 and a target of 5600. We will add to these short positions only below 5570.
Happy Trading !!!
For cash market recommendations see our Daily Pre Market calls on NSE
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