Nifty gives a highest close & then another. Bulls get a stranglehold but need caution.
On Thursday, we had expressed that the Nifty was nearing final roadblocks. The Nifty since then has risen 140 points and has closed at 6527 after making a high of 6538. The volumes during this rise have been exceptionally high and speaks of the stranglehold that the Bulls have on the Nifty. Having said that, the Bulls need to keep up their tempo or else there could be a Bearish backlash just around the corner. We as intraday traders, need to keep a look out for intraday opportunities.
1) The Elder Ray readings : Bull Power rises from +171 to +261 Bear Power reduces from +104 to +136 indicating that the Bears are slipping further as the Bullish stranglehold gets tighter. For today, the Bulls need to overcome the levels of 6580 to maintain their upwards momentum whereas the Bears need to breach the levels of 6300 to regain their lost grounds.
2) The stochastics continue to be well and deep into the overbought zone.
3) The Nifty continues to close well above all its key EMAs and also above all its key DMAs.
4) In the above chart, the volumes have been very high with the rise in the Nifty indicating that the rise may continue. The MACD continues to point upwards with the histogram too rising in the positive. The ADX continues to indicate rising bullish momentum. The Parabolic SAR continues with its Buy signal with the SL now brought up to 6235.
5) Considering the above, our trading plan for the day is as under.
a) Around 6475 we will open fresh long positions with a SL of 6455 and a target of 6560. We will add to these long positions only above 6595.
b) Around 6570 we will open fresh short positions with a SL of 6595 and a target of 6485. We will add to these short positions only below 6455.
Happy Trading !!!
Buy calls on GPPL & JKLAKSHMI hit their targets on 07 Mar 2014
Also visit Just Nifty and the Nifty Range blogs.
For cash market recommendations see our Daily Pre Market calls on NSE
On Thursday, we had expressed that the Nifty was nearing final roadblocks. The Nifty since then has risen 140 points and has closed at 6527 after making a high of 6538. The volumes during this rise have been exceptionally high and speaks of the stranglehold that the Bulls have on the Nifty. Having said that, the Bulls need to keep up their tempo or else there could be a Bearish backlash just around the corner. We as intraday traders, need to keep a look out for intraday opportunities.
1) The Elder Ray readings : Bull Power rises from +171 to +261 Bear Power reduces from +104 to +136 indicating that the Bears are slipping further as the Bullish stranglehold gets tighter. For today, the Bulls need to overcome the levels of 6580 to maintain their upwards momentum whereas the Bears need to breach the levels of 6300 to regain their lost grounds.
2) The stochastics continue to be well and deep into the overbought zone.
3) The Nifty continues to close well above all its key EMAs and also above all its key DMAs.
4) In the above chart, the volumes have been very high with the rise in the Nifty indicating that the rise may continue. The MACD continues to point upwards with the histogram too rising in the positive. The ADX continues to indicate rising bullish momentum. The Parabolic SAR continues with its Buy signal with the SL now brought up to 6235.
5) Considering the above, our trading plan for the day is as under.
a) Around 6475 we will open fresh long positions with a SL of 6455 and a target of 6560. We will add to these long positions only above 6595.
b) Around 6570 we will open fresh short positions with a SL of 6595 and a target of 6485. We will add to these short positions only below 6455.
Happy Trading !!!
Buy calls on GPPL & JKLAKSHMI hit their targets on 07 Mar 2014
Also visit Just Nifty and the Nifty Range blogs.
For cash market recommendations see our Daily Pre Market calls on NSE
sir
ReplyDeleteniftyrange is not opening presently ....can u share the range given by it for today....thanks
Pasting from Niftyrange.in
ReplyDeleteBuy Zone : From 6495.65 to 6480.15
Breakdown below : 6477.05 (stop loss for intraday longs)
Breakdown target : 6455.75
Sell Zone : From 6557.65 to 6573.15
Breakout above : 6576.25 (stop loss for intraday shorts)
Breakout target : 6580.35