Nifty consolidates intraday and closes highest ever staving away any Bearishness.
2) The Stochastics are approaching the overbought zone and are pointing upwards.
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 decreased with the rise in the Nifty indicating that there may be resistance ahead. The MACD continues to float at the top, with the histogram being in the negative but reducing. The ADX is suggesting a resurgence in the Bullish momentum. The Parabolic SAR has now turned into a Buy signal with the initial SL at 6665.
5) Considering the above, our trading plan for the day is as under.
a) Around 6795 we will open fresh long positions with a SL of 6770 and a target of 6865. We will add to these long positions only above 6890.
b) Around 6870 we will open fresh short positions with a SL of 6890 and a target of 6805. We will add to these short positions only below 6770.
Happy Trading !!!
Buy calls on AHMEDFORGE JBCHEPHARM PURVA BIOCON & LIBERTSHOE hit their targets on 21 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, we expected Volatility ahead, in yesterday's trading session. The Nifty opened at 6789 with a positive gap up of 10 points, and made a quick high of 6805 within the first few minutes of trade, and a low of 6786 within the next few minutes. The Nifty then consolidated with steep moves but between 6805 and 6785 for the most part of the rest of the session. However, as usual, the breakout came at 2:30 pm, and the Nifty breached the intraday highs to make a new all time high of 6825 before closing, also at a all time highest close at 6818. We did not participate in the trade yesterday.
1) The Elder Ray readings : Bull Power rises from +71 to +98 Bear Power reduces from -27 to +60 indicating that the Bears have again surrendered their territory within a couple of days. For today, the Bulls need to overcome the levels of 6845 to maintain their upwards momentum whereas the Bears need to breach the levels of 6735 to regain their lost grounds.
2) The Stochastics are approaching the overbought zone and are pointing upwards.
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 decreased with the rise in the Nifty indicating that there may be resistance ahead. The MACD continues to float at the top, with the histogram being in the negative but reducing. The ADX is suggesting a resurgence in the Bullish momentum. The Parabolic SAR has now turned into a Buy signal with the initial SL at 6665.
5) Considering the above, our trading plan for the day is as under.
a) Around 6795 we will open fresh long positions with a SL of 6770 and a target of 6865. We will add to these long positions only above 6890.
b) Around 6870 we will open fresh short positions with a SL of 6890 and a target of 6805. We will add to these short positions only below 6770.
Happy Trading !!!
Buy calls on AHMEDFORGE JBCHEPHARM PURVA BIOCON & LIBERTSHOE hit their targets on 21 Apr 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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