Nifty pulls back a little, but maintains its bullish stance, getting ready for a big leap.
As discussed yesterday, there were "Traces of bullishness" remaining on the Nifty, and they stayed that way even after a lower close at the end of the day. The Nifty opened with a 14 point negative gap down at 6188 and then traded in a 60 point range between 6210 and 6150. The last hour of trade saw some profit booking on the bourses and the Nifty closed at 6161 with a loss of 41 points.
1) The Elder Ray readings : Bull Power reduces from +94 to +73 Bear Power rises from +60 to +14 indicating that this profit booking has still left the Bulls in control of the Nifty. For today, the Bulls need to overcome the levels of 6215 to maintain their upwards momentum whereas the Bears need to breach the levels of 6135 to regain their lost grounds.
2) The stochastics are in just hovering around the overbought zone.
3) The Nifty continues to close above all its key EMAs and also above all its key DMAs.
4) In the above chart the volumes have remained stagnant with the fall in the Nifty indicating that the fall may continue. The MACD continues to be positive with the histogram remaining above the zero line. The ADX continues to favor the Bulls. The Parabolic SAR continues with its Buy signal with the SL now shifted up to 5983.
5) Considering the above, our trading plan for the day is as under.
a) Around 6120 we will open fresh long positions with a SL of 6195 and a target of 6195. We will add to these long positions only above 6230.
b) Below 6210 we will open fresh short positions with a SL of 6230 and a target of 6130. We will add to these short positions only below 6095.
Happy trading !!!
Buy calls on SUPREMEIND & DBCORP hit their targets on 04 Dec 2013
Also visit Just Nifty and the Nifty Range blogs.
For cash market recommendations see our Daily Pre Market calls on NSE
As discussed yesterday, there were "Traces of bullishness" remaining on the Nifty, and they stayed that way even after a lower close at the end of the day. The Nifty opened with a 14 point negative gap down at 6188 and then traded in a 60 point range between 6210 and 6150. The last hour of trade saw some profit booking on the bourses and the Nifty closed at 6161 with a loss of 41 points.
1) The Elder Ray readings : Bull Power reduces from +94 to +73 Bear Power rises from +60 to +14 indicating that this profit booking has still left the Bulls in control of the Nifty. For today, the Bulls need to overcome the levels of 6215 to maintain their upwards momentum whereas the Bears need to breach the levels of 6135 to regain their lost grounds.
2) The stochastics are in just hovering around the overbought zone.
3) The Nifty continues to close above all its key EMAs and also above all its key DMAs.
4) In the above chart the volumes have remained stagnant with the fall in the Nifty indicating that the fall may continue. The MACD continues to be positive with the histogram remaining above the zero line. The ADX continues to favor the Bulls. The Parabolic SAR continues with its Buy signal with the SL now shifted up to 5983.
5) Considering the above, our trading plan for the day is as under.
a) Around 6120 we will open fresh long positions with a SL of 6195 and a target of 6195. We will add to these long positions only above 6230.
b) Below 6210 we will open fresh short positions with a SL of 6230 and a target of 6130. We will add to these short positions only below 6095.
Happy trading !!!
Buy calls on SUPREMEIND & DBCORP hit their targets on 04 Dec 2013
Also visit Just Nifty and the Nifty Range blogs.
For cash market recommendations see our Daily Pre Market calls on NSE
Nifty has broken out at the opening bell.
ReplyDeleteWaiting for a opportunity to go long.
Opened fresh long position at 6290 with a SL of 6260
ReplyDelete