Within two trading sessions, the Bulls turned the tables and look good for more.
As discussed on Friday, we got a Bullish start to a fresh series. The Nifty opened with a hefty positive gap of 67 points at 5750 and then the Bulls never looked back. The Nifty remained in a up trend throughout the trading session, making a high of 5853 before closing at 5842 with a gain of 160 points. We entered into the trade after the breakout was confirmed and could book out with a profit of 40 points before the last hour of the trade started.
1) The Elder Ray readings : Bull Power rises from -22 to +114 Bear Power reduces from -90 to +11 indicating that the Bulls have now gained control on the Nifty and that the Bears are now out of their safe zone. For today, the Bulls need to overcome the levels of 5870 to maintain their upwards momentum whereas the Bears need to breach the levels of 5755 to regain their lost grounds.
2) The fast stochastics are already in the overbought zone whereas the slow stochastics are lagging way behind, indicating some more up move in store as of now.
3) The Nifty has closed above all its key EMAs and also above its 200DMA. But has closed below its 100DMA(5849) and 50DMA(5924)
4) In the above chart, the volumes have increased with the rise in the Nifty indicating that the rise may continue. The MACD has just given out a positive cross over from the negative zone, which is quite a bullish indication. The ADX is now showing a favor to the Bulls but is indicating loss of overall momentum. The Parabolic SAR has turned into a Buy signal now with a SL of 5566.
5) Considering the above, our trading plan for the day is as under.
a) Around 5785 we will open fresh long positions with a SL of 5760 and a target of 5890. We will add to these long positions only above 5920.
b) Around 5900 we will open fresh short positions with a SL of 5920 and a target of 5820. We will add to these short positions only below 5760.
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 on Friday, we got a Bullish start to a fresh series. The Nifty opened with a hefty positive gap of 67 points at 5750 and then the Bulls never looked back. The Nifty remained in a up trend throughout the trading session, making a high of 5853 before closing at 5842 with a gain of 160 points. We entered into the trade after the breakout was confirmed and could book out with a profit of 40 points before the last hour of the trade started.
1) The Elder Ray readings : Bull Power rises from -22 to +114 Bear Power reduces from -90 to +11 indicating that the Bulls have now gained control on the Nifty and that the Bears are now out of their safe zone. For today, the Bulls need to overcome the levels of 5870 to maintain their upwards momentum whereas the Bears need to breach the levels of 5755 to regain their lost grounds.
2) The fast stochastics are already in the overbought zone whereas the slow stochastics are lagging way behind, indicating some more up move in store as of now.
3) The Nifty has closed above all its key EMAs and also above its 200DMA. But has closed below its 100DMA(5849) and 50DMA(5924)
4) In the above chart, the volumes have increased with the rise in the Nifty indicating that the rise may continue. The MACD has just given out a positive cross over from the negative zone, which is quite a bullish indication. The ADX is now showing a favor to the Bulls but is indicating loss of overall momentum. The Parabolic SAR has turned into a Buy signal now with a SL of 5566.
5) Considering the above, our trading plan for the day is as under.
a) Around 5785 we will open fresh long positions with a SL of 5760 and a target of 5890. We will add to these long positions only above 5920.
b) Around 5900 we will open fresh short positions with a SL of 5920 and a target of 5820. We will add to these short positions only below 5760.
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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