Bullish trend continues on the Nifty as Nifty tries to retest 5450. Volatility expected.
As discussed yesterday, after Nifty taking a bullish pause, we saw the markets resume the uptrend and reach out for the skies. The Nifty opened with a negative gap down, but thereafter the Bulls came into action and the Nifty resumed its uptrend to move above 5390 before closing at 5390. Our trading plan (a) got triggered right at the opening and also reached its target, enabling us to book a profit of 55 points.
1) The Elder Ray readings : Bull Power rises from +61 to +68 Bear Power also rises from +35 to +7, indicating that the Bears, even after a strong effort, have not reached their safe zone yet. For today, the Bulls need to overcome the levels of 5410 on the Nifty to maintain their upwards momentum, whereas the Bears need to breach the Nifty below 5335 to regain their lost grounds.
2) The Nifty again closed above all its key EMAs and also above all its key DMAs.
3) The stochastics are just about to enter the overbought zone and are still pointing upwards.
4) In the above chart, the volumes have remained stagnant with the rise in the Nifty, indicating that there is still some more momentum left on the up side. The MACD has again turned positive with the histogram also turning up. The ADX is still favoring the Bulls with the momentum on a mild rise. The Parabolic SAR continues to give out a buy signal with a SL of 5235.
5) Considering the above, our trading plan for the day is as under.
a) Around 5365, we will open fresh long positions with a SL of 5340 and a target of 5415. We will add to these long positions only above 5435.
b) Around 5420, we will open fresh short positions with a SL of 5435 and a target of 5375. We will add to these short positions only below 5340.
Happy Trading !!!
For cash market recommendations see our Daily Pre Market calls on NSE
As discussed yesterday, after Nifty taking a bullish pause, we saw the markets resume the uptrend and reach out for the skies. The Nifty opened with a negative gap down, but thereafter the Bulls came into action and the Nifty resumed its uptrend to move above 5390 before closing at 5390. Our trading plan (a) got triggered right at the opening and also reached its target, enabling us to book a profit of 55 points.
1) The Elder Ray readings : Bull Power rises from +61 to +68 Bear Power also rises from +35 to +7, indicating that the Bears, even after a strong effort, have not reached their safe zone yet. For today, the Bulls need to overcome the levels of 5410 on the Nifty to maintain their upwards momentum, whereas the Bears need to breach the Nifty below 5335 to regain their lost grounds.
2) The Nifty again closed above all its key EMAs and also above all its key DMAs.
3) The stochastics are just about to enter the overbought zone and are still pointing upwards.
4) In the above chart, the volumes have remained stagnant with the rise in the Nifty, indicating that there is still some more momentum left on the up side. The MACD has again turned positive with the histogram also turning up. The ADX is still favoring the Bulls with the momentum on a mild rise. The Parabolic SAR continues to give out a buy signal with a SL of 5235.
5) Considering the above, our trading plan for the day is as under.
a) Around 5365, we will open fresh long positions with a SL of 5340 and a target of 5415. We will add to these long positions only above 5435.
b) Around 5420, we will open fresh short positions with a SL of 5435 and a target of 5375. We will add to these short positions only below 5340.
Happy Trading !!!
For cash market recommendations see our Daily Pre Market calls on NSE
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