Nifty continues to rise unabated as the Bulls look still quite strong.
As discussed on Monday, the Nifty continued its up move, despite being in a narrow range trading between holidays. The Bears were never able to breach the previous day's lows and the Bulls were able to close the Nifty in the positive territory. A firm close above 5755 will charge up the Bulls for even higher levels now.
1) The Elder Ray readings : Bull Power reduces from +145 to +115 Bear Power rises from +94 to +86 indicative of the Bullish consolidation that we had on Monday. For today, the Bulls need to overcome the levels of 5740 to maintain their upwards momentum, whereas the Bears need to breach the Nifty below 5625 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 decreased with a minor rise in the Nifty, indicating some weakness creeping in. The MACD continues to rise with the histogram in the positive zone. The ADX is suggesting some loss of momentum for the up move, however the Parabolic SAR continues with its buy signal with the SL now pegged at 5656.
5) Considering the above, our trading plan for the day is as under.
a) Above 5715 we will open fresh long positions with a SL of 5695 and a target of 5765. We will add to these long positions only above 5775.
b) Around 5765 we will open fresh short positions with a SL of 5775 and a target of 5720. We will add to these short positions only below 5690.
Happy Trading !!!
Also view the JustNifty and the NiftyRange blogs, for other viewpoints on the Nifty.
For cash market recommendations see our Daily Pre Market calls on NSE
As discussed on Monday, the Nifty continued its up move, despite being in a narrow range trading between holidays. The Bears were never able to breach the previous day's lows and the Bulls were able to close the Nifty in the positive territory. A firm close above 5755 will charge up the Bulls for even higher levels now.
1) The Elder Ray readings : Bull Power reduces from +145 to +115 Bear Power rises from +94 to +86 indicative of the Bullish consolidation that we had on Monday. For today, the Bulls need to overcome the levels of 5740 to maintain their upwards momentum, whereas the Bears need to breach the Nifty below 5625 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 decreased with a minor rise in the Nifty, indicating some weakness creeping in. The MACD continues to rise with the histogram in the positive zone. The ADX is suggesting some loss of momentum for the up move, however the Parabolic SAR continues with its buy signal with the SL now pegged at 5656.
5) Considering the above, our trading plan for the day is as under.
a) Above 5715 we will open fresh long positions with a SL of 5695 and a target of 5765. We will add to these long positions only above 5775.
b) Around 5765 we will open fresh short positions with a SL of 5775 and a target of 5720. We will add to these short positions only below 5690.
Happy Trading !!!
Also view the JustNifty and the NiftyRange blogs, for other viewpoints on the Nifty.
For cash market recommendations see our Daily Pre Market calls on NSE
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