Nifty continues to make higher highs and higher lows keeping the uptrend intact.
As discussed yesterday, the upwards momentum remained strong on the Nifty, as the markets opened with a positive gap up of 37 points at 6758. The Nifty then made a quick high of 6764 and started to drift downwards slowly. The Nifty traded below the level of 6750 for most of the trading session, however, it held above 6720. The Nifty made a low of 6724 and in the final hour of trade, made a dash towards the day's high and closed at 6753 with a gain of 32 points. We took a trade on the short side and booked out with a small profit of 15 points. The Nifty has made four consecutive hanging men candles on the daily charts, but no weakness is evident as of now.
1) The Elder Ray readings : Bull Power rises from +141 to +150 Bear Power reduces from +85 to +110 indicating the strong hold of the Bulls on the Nifty as of now. For today, the Bulls need to overcome the levels of 6790 to maintain their upwards momentum whereas the Bears need to breach the levels of 6640 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 remains at the top with the histogram remaining positive. The ADX continues to show strengthening of the Bullish momentum. The Parabolic SAR continues with its Buy signal with the SL now raised to 6664.
5) Considering the above our trading plan for the day is as under.
a) Around 6725 we will open fresh long positions with a SL of 6700 and a target of 6765. We will add to these long positions only above 6805.
b) Around 6780 we will open fresh short positions with a SL of 6805 and a target of 6735. We will add to these short positions only below 6700.
Happy Trading !!!
Buy calls on USHAMART LLOYDELENG & TATASTEEL hit their targets on 02 Apr 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, the upwards momentum remained strong on the Nifty, as the markets opened with a positive gap up of 37 points at 6758. The Nifty then made a quick high of 6764 and started to drift downwards slowly. The Nifty traded below the level of 6750 for most of the trading session, however, it held above 6720. The Nifty made a low of 6724 and in the final hour of trade, made a dash towards the day's high and closed at 6753 with a gain of 32 points. We took a trade on the short side and booked out with a small profit of 15 points. The Nifty has made four consecutive hanging men candles on the daily charts, but no weakness is evident as of now.
1) The Elder Ray readings : Bull Power rises from +141 to +150 Bear Power reduces from +85 to +110 indicating the strong hold of the Bulls on the Nifty as of now. For today, the Bulls need to overcome the levels of 6790 to maintain their upwards momentum whereas the Bears need to breach the levels of 6640 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 remains at the top with the histogram remaining positive. The ADX continues to show strengthening of the Bullish momentum. The Parabolic SAR continues with its Buy signal with the SL now raised to 6664.
5) Considering the above our trading plan for the day is as under.
a) Around 6725 we will open fresh long positions with a SL of 6700 and a target of 6765. We will add to these long positions only above 6805.
b) Around 6780 we will open fresh short positions with a SL of 6805 and a target of 6735. We will add to these short positions only below 6700.
Happy Trading !!!
Buy calls on USHAMART LLOYDELENG & TATASTEEL hit their targets on 02 Apr 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 intraday long at 6722 with a SL of 6700
ReplyDeleteSL tightened to 6710
ReplyDeleteSL hit at 6710. Lost 12 points on this trade. Reversed position at 6712.
ReplyDeleteAgain SL hit at 6722.
ReplyDelete