Nifty leaps big and then retreats. Bullish stance maintained. End of week crucial.
As discussed yesterday, Nifty had staged a "Pullback for a big leap", as the Nifty after closing 6161 on Wednesday, opened with a huge positive gap up of 101 points at 6262. However, the Nifty made a quick high of 6301 in the first 15 minutes of trade and then started to come off its highs. The Nifty made a intraday low of 6232 in the last hour of trade before closing at 6241, well off the highs, but with a whopping gain of 80 points, over the previous closing. We initiated a trade on the long side and booked a loss of 30 points as our SL got hit.
1) The Elder Ray readings : Bull Power rises from +73 to +150 Bear Power reduces from +14 to +81 indicating that the Bulls have now gained a considerable hold over the Nifty. For today, the Bulls need to overcome the levels of 6320 to maintain their upwards momentum whereas the Bears need to breach the levels of 6165 to regain their lost grounds.
2) The stochastics are still hovering on the border of 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 increased with the rise in the Nifty indicating that the up move may continue. The MACD is still pointing towards the up move with the histogram growing in the positive. The ADX is suggesting a rise in the Bullish momentum. The Parabolic SAR continues with its Buy signal with the SL now shifted up to 5989.
5) Considering the above, our trading plan for the day is as under.
a) Around 6225 we will open fresh long positions with a SL of 6200 and a target of 6290. We will add to these long positions only above 6315.
b) Around 6300 we will open fresh short positions with a SL of 6315 and a target of 6240. We will add to these short positions only below 6200.
Happy Trading !!!
Buy calls on RSSOFTWARE JYOTHYLAB PRESTIGE & SOBHA hit their targets on 05 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, Nifty had staged a "Pullback for a big leap", as the Nifty after closing 6161 on Wednesday, opened with a huge positive gap up of 101 points at 6262. However, the Nifty made a quick high of 6301 in the first 15 minutes of trade and then started to come off its highs. The Nifty made a intraday low of 6232 in the last hour of trade before closing at 6241, well off the highs, but with a whopping gain of 80 points, over the previous closing. We initiated a trade on the long side and booked a loss of 30 points as our SL got hit.
1) The Elder Ray readings : Bull Power rises from +73 to +150 Bear Power reduces from +14 to +81 indicating that the Bulls have now gained a considerable hold over the Nifty. For today, the Bulls need to overcome the levels of 6320 to maintain their upwards momentum whereas the Bears need to breach the levels of 6165 to regain their lost grounds.
2) The stochastics are still hovering on the border of 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 increased with the rise in the Nifty indicating that the up move may continue. The MACD is still pointing towards the up move with the histogram growing in the positive. The ADX is suggesting a rise in the Bullish momentum. The Parabolic SAR continues with its Buy signal with the SL now shifted up to 5989.
5) Considering the above, our trading plan for the day is as under.
a) Around 6225 we will open fresh long positions with a SL of 6200 and a target of 6290. We will add to these long positions only above 6315.
b) Around 6300 we will open fresh short positions with a SL of 6315 and a target of 6240. We will add to these short positions only below 6200.
Happy Trading !!!
Buy calls on RSSOFTWARE JYOTHYLAB PRESTIGE & SOBHA hit their targets on 05 Dec 2013
Also visit Just Nifty and the Nifty Range blogs.
For cash market recommendations see our Daily Pre Market calls on NSE
Nifty opens just 10 points away from our primary trading plan(a)
ReplyDeleteHave opened fresh intraday long position at 6235 with SL at 6205
ReplyDeleteCan. I Carry nf for Monday
ReplyDelete