Nifty ready to soar above recent highs and sets its sight on new highs soon.
As discussed yesterday, the Bullish up-move continued on the Nifty throughout the day with the Bears getting exhausted as their every attempt to sell got bought into and in the late hours of trade, the Nifty managed to close above the previous days close with a minor gain of 4 points. Yesterday, we had also suggested that new highs are expected, and now these new highs have almost become visible and we expect them to be established very soon.
1) The Elder Ray readings : Bull Power reduces from +95 to +94 Bear Power also reduces from +54 to +68, indicating that the Bulls have had a very good consolidation and are now ready for a breakout. For today, the Bulls need to overcome the levels of 5465 on the Nifty to maintain their upwards momentum whereas the Bears need to breach the levels of 5360 on the Nifty to regain their lost grounds.
2) The Nifty yet again closed above all its key EMAs and all its key DMAs.
3) The stochastics are well into the overbought zone.
4) In the above chart, the volumes have stagnated with a stagnation in the Nifty indicating a consolidation happening. The MACD has now turned very positive and is indicating more room for the up move. The ADX is suggesting a strengthening of the momentum for the Bulls. The Parabolic SAR continues with its buy signal with the SL now pegged at 5271.
5) Considering the above, our trading plan for the day is as under.
a) Around 5480, we will open fresh long positions with a SL of 5465 and a target of 5515. We will add to these long positions only above 5530.
b) Around 5520, we will open fresh short positions with a SL of 5530 and a target of 5480. We will add to these short positions only below 5445.
Happy Trading !!!
For cash market recommendations see our Daily Pre Market calls on NSE
As discussed yesterday, the Bullish up-move continued on the Nifty throughout the day with the Bears getting exhausted as their every attempt to sell got bought into and in the late hours of trade, the Nifty managed to close above the previous days close with a minor gain of 4 points. Yesterday, we had also suggested that new highs are expected, and now these new highs have almost become visible and we expect them to be established very soon.
1) The Elder Ray readings : Bull Power reduces from +95 to +94 Bear Power also reduces from +54 to +68, indicating that the Bulls have had a very good consolidation and are now ready for a breakout. For today, the Bulls need to overcome the levels of 5465 on the Nifty to maintain their upwards momentum whereas the Bears need to breach the levels of 5360 on the Nifty to regain their lost grounds.
2) The Nifty yet again closed above all its key EMAs and all its key DMAs.
3) The stochastics are well into the overbought zone.
4) In the above chart, the volumes have stagnated with a stagnation in the Nifty indicating a consolidation happening. The MACD has now turned very positive and is indicating more room for the up move. The ADX is suggesting a strengthening of the momentum for the Bulls. The Parabolic SAR continues with its buy signal with the SL now pegged at 5271.
5) Considering the above, our trading plan for the day is as under.
a) Around 5480, we will open fresh long positions with a SL of 5465 and a target of 5515. We will add to these long positions only above 5530.
b) Around 5520, we will open fresh short positions with a SL of 5530 and a target of 5480. We will add to these short positions only below 5445.
Happy Trading !!!
For cash market recommendations see our Daily Pre Market calls on NSE
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