Bulls rule the roost, as Nifty marches towards all time highs. Bears seen nowhere.
At the outset, let us humbly submit apologies for our absence from the markets and for not updating this blog for over a month now, due to medical priorities in our family.
During this period, the Nifty has galloped swiftly from levels of 5500 to just about 6200, and we seem to have missed out on a fantastic rally. Having said that, the indications are that the meat of the rally is yet ahead, and this is not the time to look out for market tops as yet.
1) The Elder Ray readings : Bull Power reduces from +160 to +150 Bear Power also reduces from +101 to +96 indicating that the Bulls are clearly in the driver's seat and that the Bears are lagging way behind and are way out of their safe zone. For today, the Bulls need to keep the Nifty above 6230 to maintain their upwards momentum, whereas the Bears need to breach the Nifty below 6050 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 are in the overbought zone and continue to point upwards.
4) In the above chart, the volumes have decreased with the rise in the Nifty indicating a pause at higher levels. The MACD continues to be in the positive as also the MACD Histogram, confirming the bullish undertones. The ADX is also suggesting momentum with the Bulls as of now. The Parabolic SAR continues with its Buy signal with a SL of 5983.
5) Considering the above, our trading plan for the day is as under.
a) Around 6155 we will open fresh long positions with a SL of 6125 and a target of 6215. We will add to these long positions only above 6250.
b) Around 6235 we will open fresh short positions with a SL of 6250 and a target of 6175. We will add to these short positions only below 6125.
Happy Trading !!!
Also visit Just Nifty and the Nifty Range blogs.
For cash market recommendations see our Daily Pre Market calls on NSE
At the outset, let us humbly submit apologies for our absence from the markets and for not updating this blog for over a month now, due to medical priorities in our family.
During this period, the Nifty has galloped swiftly from levels of 5500 to just about 6200, and we seem to have missed out on a fantastic rally. Having said that, the indications are that the meat of the rally is yet ahead, and this is not the time to look out for market tops as yet.
1) The Elder Ray readings : Bull Power reduces from +160 to +150 Bear Power also reduces from +101 to +96 indicating that the Bulls are clearly in the driver's seat and that the Bears are lagging way behind and are way out of their safe zone. For today, the Bulls need to keep the Nifty above 6230 to maintain their upwards momentum, whereas the Bears need to breach the Nifty below 6050 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 are in the overbought zone and continue to point upwards.
4) In the above chart, the volumes have decreased with the rise in the Nifty indicating a pause at higher levels. The MACD continues to be in the positive as also the MACD Histogram, confirming the bullish undertones. The ADX is also suggesting momentum with the Bulls as of now. The Parabolic SAR continues with its Buy signal with a SL of 5983.
5) Considering the above, our trading plan for the day is as under.
a) Around 6155 we will open fresh long positions with a SL of 6125 and a target of 6215. We will add to these long positions only above 6250.
b) Around 6235 we will open fresh short positions with a SL of 6250 and a target of 6175. We will add to these short positions only below 6125.
Happy Trading !!!
Also visit Just Nifty and the Nifty Range blogs.
For cash market recommendations see our Daily Pre Market calls on NSE
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