Bulls have their grip on the Nifty ahead of the crucial expiry. May see profit booking.
As discussed yesterday, Bulls made the Nifty stay afloat, with the Nifty opening with a gap up of 10 points at 6231 and then trading within a small range from 6223 to 6269 before closing at the levels of 6252. The Nifty range has contracted again and we could see a big move on either side for today's expiry. We booked a small loss of 20 points in the trade taken yesterday.
1) The Elder Ray readings : Bull Power rises from +110 to +132 Bear Power reduces from -39 to +85 indicating that the Bears have again lost their territory and the Bulls are sitting merrily. For today the Bulls need to overcome the levels of 6290 to maintain their upwards momentum whereas the Bears need to breach the levels of 6155 to regain their lost grounds.
2) The stochastics are yet again in the overbought zone.
3) The Nifty has closed above all its key EMAs and also above all its key DMAs.
4) In the above chart, the volumes have decreased with the rise in the Nifty indicating that the rise may get arrested. The MACD is pointing horizontal with the histogram sitting at the zero line. The ADX is suggesting a rise in the Bullish momentum. The Parabolic SAR has turned into a buy signal with the SL at 6079.
5) Considering the above, our trading plan for the day is as under.
a) Around 6295 we will open fresh short positions with a SL of 6320 and a target of 6210. We will add to these short positions only below 6185.
b) Around 6200 we will open fresh long positions with a SL of 6185 and a target of 6290. We will add to these long positions only above 6320.
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, Bulls made the Nifty stay afloat, with the Nifty opening with a gap up of 10 points at 6231 and then trading within a small range from 6223 to 6269 before closing at the levels of 6252. The Nifty range has contracted again and we could see a big move on either side for today's expiry. We booked a small loss of 20 points in the trade taken yesterday.
1) The Elder Ray readings : Bull Power rises from +110 to +132 Bear Power reduces from -39 to +85 indicating that the Bears have again lost their territory and the Bulls are sitting merrily. For today the Bulls need to overcome the levels of 6290 to maintain their upwards momentum whereas the Bears need to breach the levels of 6155 to regain their lost grounds.
2) The stochastics are yet again in the overbought zone.
3) The Nifty has closed above all its key EMAs and also above all its key DMAs.
4) In the above chart, the volumes have decreased with the rise in the Nifty indicating that the rise may get arrested. The MACD is pointing horizontal with the histogram sitting at the zero line. The ADX is suggesting a rise in the Bullish momentum. The Parabolic SAR has turned into a buy signal with the SL at 6079.
5) Considering the above, our trading plan for the day is as under.
a) Around 6295 we will open fresh short positions with a SL of 6320 and a target of 6210. We will add to these short positions only below 6185.
b) Around 6200 we will open fresh long positions with a SL of 6185 and a target of 6290. We will add to these long positions only above 6320.
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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