After creating a new 52 week high, the Nifty may consolidate now. Bulls still rule.
As discussed yesterday, the Nifty continued to move higher, as it opened again with a whopping positive gap of 54 points and then remained above the previous day's close throughout the entire trading session, before closing with a gain of 32 points. Our trading plan (b) triggered and almost reached the target, missing out by just a few points, and we could book a profit of 40 points almost.
1) The Elder Ray readings : Bull Power rises from +201 to +234 Bear Power reduces from +141 to +167, indicative of the strong grip of the Bulls on the Nifty. For today, the Bulls need to overcome the levels of 5685 to maintain there upwards momentum, whereas the Bears need to breach the levels of 5450 to regain their lost grounds.
2) The Nifty continues to close well above all its key EMAs and also well above all its key DMAs.
3) The stochastics are still in the overbought zone.
4) In the above chart, the volumes have again increased with the rise in the Nifty indicating possibility of a further up move. The MACD is also rising rapidly now. The ADX is also confirming the strengthening of the upwards momentum. The Parabolic SAR continues to hold out its buy signal with a SL of 5357.
5) Considering the above, our trading plan for the day is as under.
a) Around 5575, we will open fresh long positions with a SL of 5555 and a target of 5645. We will add to these long positions only above 5660.
b) Around 5650, we will open fresh short positions with a SL of 5660 and a target of 5600. We will add to these short positions only below 5555.
Happy Trading !!!
For cash market recommendations see our Daily Pre Market calls on NSE
As discussed yesterday, the Nifty continued to move higher, as it opened again with a whopping positive gap of 54 points and then remained above the previous day's close throughout the entire trading session, before closing with a gain of 32 points. Our trading plan (b) triggered and almost reached the target, missing out by just a few points, and we could book a profit of 40 points almost.
1) The Elder Ray readings : Bull Power rises from +201 to +234 Bear Power reduces from +141 to +167, indicative of the strong grip of the Bulls on the Nifty. For today, the Bulls need to overcome the levels of 5685 to maintain there upwards momentum, whereas the Bears need to breach the levels of 5450 to regain their lost grounds.
2) The Nifty continues to close well above all its key EMAs and also well above all its key DMAs.
3) The stochastics are still in the overbought zone.
4) In the above chart, the volumes have again increased with the rise in the Nifty indicating possibility of a further up move. The MACD is also rising rapidly now. The ADX is also confirming the strengthening of the upwards momentum. The Parabolic SAR continues to hold out its buy signal with a SL of 5357.
5) Considering the above, our trading plan for the day is as under.
a) Around 5575, we will open fresh long positions with a SL of 5555 and a target of 5645. We will add to these long positions only above 5660.
b) Around 5650, we will open fresh short positions with a SL of 5660 and a target of 5600. We will add to these short positions only below 5555.
Happy Trading !!!
For cash market recommendations see our Daily Pre Market calls on NSE
No comments:
Post a Comment
Please add your comments here. Comments will be moderated.