Nifty makes yet another all time high & another all time high close. Up move stays.
As discussed yesterday, it was Expiry Jitters throughout the trading session on the Nifty. The Nifty opened with a positive gap up of 12 points at 6613, made a quick low of 6600 and then bounced back to scale up to 6630 and stall. The Nifty traded within a small range for most of the day, keeping both the Bulls and the Bears on tenterhooks. During the last hour of trade, the Nifty first soared to make a new all time high of 6674 and then gave up some of its gains in the last half hour of trade to close at 6642. We took one trade on the short side and lost 20 points on that one.
1) The Elder Ray readings : Bull Power rises from +126 to +152 Bear Power also rises from +79 to +78 indicating that the Bulls are still quite strong. For today, the Bulls need to overcome the levels of 6695 to maintain their upwards momentum whereas the Bears need to breach the levels of 6545 to regain their lost grounds.
2) The stochastics remain in the overbought zone, however, they are pointing downwards.
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 continues to hover at the top with the histogram remaining minutely above the zero line. The ADX is suggesting a rise in the Bullish momentum. The Parabolic SAR continues with its Buy signal with the SL now raised to 6558.
5) Considering the above our trading plan for the day is as under.
a) Around 6685 we will open fresh short positions with a SL of 6705 and a target of 6610. We will add to these short positions only below 6580.
b) Around 6600 we will open fresh long positions with a SL of 6580 and a target of 6675. We will add to these long positions only above 6705.
Happy Trading !!!
Buy calls on BFUTILITIE & EIHOTEL hit their targets on 27 Mar 2014
Also visit Just Nifty and the Nifty Range blogs.
For cash market recommendations see our Daily Pre Market calls on NSE
As discussed yesterday, it was Expiry Jitters throughout the trading session on the Nifty. The Nifty opened with a positive gap up of 12 points at 6613, made a quick low of 6600 and then bounced back to scale up to 6630 and stall. The Nifty traded within a small range for most of the day, keeping both the Bulls and the Bears on tenterhooks. During the last hour of trade, the Nifty first soared to make a new all time high of 6674 and then gave up some of its gains in the last half hour of trade to close at 6642. We took one trade on the short side and lost 20 points on that one.
1) The Elder Ray readings : Bull Power rises from +126 to +152 Bear Power also rises from +79 to +78 indicating that the Bulls are still quite strong. For today, the Bulls need to overcome the levels of 6695 to maintain their upwards momentum whereas the Bears need to breach the levels of 6545 to regain their lost grounds.
2) The stochastics remain in the overbought zone, however, they are pointing downwards.
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 continues to hover at the top with the histogram remaining minutely above the zero line. The ADX is suggesting a rise in the Bullish momentum. The Parabolic SAR continues with its Buy signal with the SL now raised to 6558.
5) Considering the above our trading plan for the day is as under.
a) Around 6685 we will open fresh short positions with a SL of 6705 and a target of 6610. We will add to these short positions only below 6580.
b) Around 6600 we will open fresh long positions with a SL of 6580 and a target of 6675. We will add to these long positions only above 6705.
Happy Trading !!!
Buy calls on BFUTILITIE & EIHOTEL hit their targets on 27 Mar 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 and have opened fresh short positions at 6682 with a SL of 6705
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