Nifty makes yet another trading range for itself, aiming at newer highs soon.
As discussed yesterday, the Bullish bias remained in the Nifty in the morning trade yesterday as the Nifty opened with a minor up gap of 5 points and then went on to cross the previous day's high. However, it met resistance just below our suggested levels and got sold off late in the trading hours to breach the previous day's lows and close at 5972 just below our suggested buying level. None of our trading plans got triggered.
1) The Elder Ray readings : Bull Power rises from +56 to +66 Bear Power also rises from +14 to +5 indicating that though the Bears have tried their best, they have missed on regaining their territory. For today, the Bulls need to overcome the levels of 6025 to maintain their upwards momentum whereas the Bears need to breach the levels of 5955 to regain their lost grounds.
2) The Nifty has closed just below its 8EMA (5974) but above its other key EMAs and also above all its key DMAs.
3) The stochastics are in the neutral zone and a pointing towards a down move.
4) In the above chart, the volumes have increased with the fall in the Nifty indicating that the fall may sustain. The MACD is just short of showing a negative divergence, indicating that the up move has paused but not reversed. The ADX is showing favor towards the up move. The Parabolic SAR continues with its buy signal with the SL now at 5896.
5) Considering the above, our trading plan for the day is as under.
a) Around 5955 we will open fresh long positions with a SL of 5930 and a target of 6000. We will add to these long positions only above 6015.
b) Around 6005 we will open fresh short positions with a SL of 6015 and a target of 5965. We will add to these short positions only below 5930.
Happy Trading !!!
Also visit Just Nifty and the Nifty Range blogs.
For cash market recommendations see our Daily Pre Market calls on NSE
As discussed yesterday, the Bullish bias remained in the Nifty in the morning trade yesterday as the Nifty opened with a minor up gap of 5 points and then went on to cross the previous day's high. However, it met resistance just below our suggested levels and got sold off late in the trading hours to breach the previous day's lows and close at 5972 just below our suggested buying level. None of our trading plans got triggered.
1) The Elder Ray readings : Bull Power rises from +56 to +66 Bear Power also rises from +14 to +5 indicating that though the Bears have tried their best, they have missed on regaining their territory. For today, the Bulls need to overcome the levels of 6025 to maintain their upwards momentum whereas the Bears need to breach the levels of 5955 to regain their lost grounds.
2) The Nifty has closed just below its 8EMA (5974) but above its other key EMAs and also above all its key DMAs.
3) The stochastics are in the neutral zone and a pointing towards a down move.
4) In the above chart, the volumes have increased with the fall in the Nifty indicating that the fall may sustain. The MACD is just short of showing a negative divergence, indicating that the up move has paused but not reversed. The ADX is showing favor towards the up move. The Parabolic SAR continues with its buy signal with the SL now at 5896.
5) Considering the above, our trading plan for the day is as under.
a) Around 5955 we will open fresh long positions with a SL of 5930 and a target of 6000. We will add to these long positions only above 6015.
b) Around 6005 we will open fresh short positions with a SL of 6015 and a target of 5965. We will add to these short positions only below 5930.
Happy Trading !!!
Also visit Just Nifty and the Nifty Range blogs.
For cash market recommendations see our Daily Pre Market calls on NSE
Trading plan (b) got triggered and hit target.
ReplyDeleteNow waiting for trading plan (a) or part(b) of trading plan(b).
Trading plan(a) triggered now. Opened fresh long positions with SL of 5930 Nifty spot and target of 6000 again
ReplyDeleteBooked out trading plan(a) with a 20 point profit. Did not want to wait till EOD as weakness seen creeping in.
ReplyDeleteTrade table
ReplyDeleteTrade Plan (b) Short @6000 Cover @5965 35 Points.
Trade Plan (a) Long @5955 Sq off @ 5975 20 Points.
Total 55 Points.