At the start of expiry week, Bulls hold sway over Nifty. New highs may be attempted.
Buy calls on GEOMETRIC AIAENG DIAPOWER HCL-INSYS DELTACORP HARRMALAYA & CENTENKA hit their targets on 23 May 2014
Also visit Just Nifty and the Nifty Range blogs.
For cash market recommendations see our Daily Pre Market calls on NSE
We have been "off the blog" for the last 10 days or so, due to some technical issues with our blogger account. However, we have not been out of trade and have had some really lucrative trades during this period.
As discussed earlier, "Bulls have retained advantage" since then, although there was some turbulence in between, but it was handled well by the Bulls.
1) The Elder Ray readings : Bull Power rises from +228 to +250 Bear Power also rises a bit from +166 to +163 indicating the strength of the Bullish hold on the Nifty. For today, the Bulls need to overcome the levels of 7420 to maintain their upwards momentum whereas the Bears need to breach the levels of 7165 to regain their lost grounds.
2) The stochastics are below 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 Nifty has been rising consistently with rising volumes indicating that the rise may continue forward. The MACD continues to point upwards with the histogram too remaining positive. The ADX is also suggesting a rise in the Bullish momentum. The Parabolic SAR continues with its Buy signal with the SL now brought up to 7045 from 6698.
5) Considering the above, our trading plan for the day is as under.
a) Around 7340 we will open fresh long positions with a SL of 7310 and a target of 7435. We will add to these long positions only above 7470.
b) Around 7445 we will open fresh short positions with a SL of 7470 and a target of 7350. We will add to these short positions only below 7310.
Happy Trading !!!
Buy calls on GEOMETRIC AIAENG DIAPOWER HCL-INSYS DELTACORP HARRMALAYA & CENTENKA hit their targets on 23 May 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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