The Bullish up move on Nifty inches ahead supported by positive global cues.
As discussed on Friday, the Bullish up move continued, on the Nifty. The Nifty opened with a negative gap down of 10 points at 6228, and immediately started flaring up, easily crossing 6250 threshold level and running into our identified resistance zone of 6265 6285. The Nifty then traded for the rest of the session within 6245 and 6260 before rising again in the dying moments of trade. The Nifty made a high of 6283 before closing at 6277.
1) The Elder Ray readings : Bull Power rises from +105 to +122 Bear Power reduces from +61 to +67 indicating that the Bulls are strengthening their grip whereas the Bears are getting marginalized now. For today, the Bulls need to overcome the levels of 6305 to maintain their upwards momentum whereas the Bears need to breach the levels of 6180 to regain their lost grounds.
2) The stochastics are well and deep into the overbought zone now.
3) The Nifty keeps on closing 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 for now. The MACD continues to point upwards with the histogram also growing in the positive. The ADX is suggesting a rise in the Bullish momentum and a fall in the Bearish momentum, however, both are approaching unsustainable levels. The Parabolic SAR continues with its Buy signal with the SL now brought up to 6029.
5) Considering the above, our trading plan for the day is as under.
a) Around 6245 we will open fresh long positions with a SL of 6225 and a target of 6300. We will add to these long positions only above 6325.
b) Around 6305 we will open fresh short positions with a SL of 6325 and a target of 6250. We will add to these short positions only below 6225.
Happy Trading !!!
Buy calls on MAHINDUGIN & MPSLTD hit their targets on 28 Feb 2014
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, the Bullish up move continued, on the Nifty. The Nifty opened with a negative gap down of 10 points at 6228, and immediately started flaring up, easily crossing 6250 threshold level and running into our identified resistance zone of 6265 6285. The Nifty then traded for the rest of the session within 6245 and 6260 before rising again in the dying moments of trade. The Nifty made a high of 6283 before closing at 6277.
1) The Elder Ray readings : Bull Power rises from +105 to +122 Bear Power reduces from +61 to +67 indicating that the Bulls are strengthening their grip whereas the Bears are getting marginalized now. For today, the Bulls need to overcome the levels of 6305 to maintain their upwards momentum whereas the Bears need to breach the levels of 6180 to regain their lost grounds.
2) The stochastics are well and deep into the overbought zone now.
3) The Nifty keeps on closing 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 for now. The MACD continues to point upwards with the histogram also growing in the positive. The ADX is suggesting a rise in the Bullish momentum and a fall in the Bearish momentum, however, both are approaching unsustainable levels. The Parabolic SAR continues with its Buy signal with the SL now brought up to 6029.
5) Considering the above, our trading plan for the day is as under.
a) Around 6245 we will open fresh long positions with a SL of 6225 and a target of 6300. We will add to these long positions only above 6325.
b) Around 6305 we will open fresh short positions with a SL of 6325 and a target of 6250. We will add to these short positions only below 6225.
Happy Trading !!!
Buy calls on MAHINDUGIN & MPSLTD hit their targets on 28 Feb 2014
Also visit Just Nifty and the Nifty Range blogs.
For cash market recommendations see our Daily Pre Market calls on NSE
Trading plan (a) has triggered. Opened fresh intraday long position at 6245 with SL of 6225
ReplyDeleteSL Hit. Booked 20 points loss. Reversed the trade at 6225 with 6245 as SL
ReplyDelete