Nifty keeps on making higher highs and higher closes. Bullish sentiment prevails.
As discussed in our last post, the Upwards momentum continued on the Nifty, on Friday as well as on Monday. The Nifty has since then traded from 6644 to 6730 a range of 85 points and has closed above the psychological level of 6700. On Friday, we could garner a 35 points in the short trade taken. We took a trading holiday yesterday owing to Gudi Padwa. For today, all eyes will be on RBI and its monetary policy for the markets to maintain this momentum.
1) The Elder Ray readings : Bull Power rises from +156 to +161 Bear Power also rises from +97 to +93 indicative of the Bullish hold that prevails on the Nifty. For today, the Bulls need to overcome the levels of 6750 to maintain their upwards momentum whereas the Bears need to breach the levels of 6585 to regain their lost grounds.
2) The stochastics continue to remain in 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 continues to float at the top with the histogram remaining miniscule but 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 6615.
5) Considering the above, our trading plan for the day is as under.
a) Around 6665 we will open fresh long positions with a SL of 6650 and a target of 6730. We will add to these long positions only above 6760.
b) Around 6740 we will open fresh short positions with a SL of 6760 and a target of 6675. We will add to these short positions only below 6650.
Happy Trading !!!
Buy calls on GMBREW & AMTEKAUTO hit their targets on 31 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 in our last post, the Upwards momentum continued on the Nifty, on Friday as well as on Monday. The Nifty has since then traded from 6644 to 6730 a range of 85 points and has closed above the psychological level of 6700. On Friday, we could garner a 35 points in the short trade taken. We took a trading holiday yesterday owing to Gudi Padwa. For today, all eyes will be on RBI and its monetary policy for the markets to maintain this momentum.
1) The Elder Ray readings : Bull Power rises from +156 to +161 Bear Power also rises from +97 to +93 indicative of the Bullish hold that prevails on the Nifty. For today, the Bulls need to overcome the levels of 6750 to maintain their upwards momentum whereas the Bears need to breach the levels of 6585 to regain their lost grounds.
2) The stochastics continue to remain in 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 continues to float at the top with the histogram remaining miniscule but 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 6615.
5) Considering the above, our trading plan for the day is as under.
a) Around 6665 we will open fresh long positions with a SL of 6650 and a target of 6730. We will add to these long positions only above 6760.
b) Around 6740 we will open fresh short positions with a SL of 6760 and a target of 6675. We will add to these short positions only below 6650.
Happy Trading !!!
Buy calls on GMBREW & AMTEKAUTO hit their targets on 31 Mar 2014
Also visit Just Nifty and the Nifty Range blogs.
For cash market recommendations see our Daily Pre Market calls on NSE
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