Nifty Daily
LONG% |
SHORT% |
42% |
58% |
Position Sizing model - Long % = percentage of indicators bullish v/s Short % = number of indicators bearish, Including both daily and weekly time frames.
NIFTY | |||
TIME | TREND | Up Level | Down Level |
Short term trend | NA | 11081 | 10670 |
Nifty fell below my channel and 10882 level to the 40 week average so tomorrow is a test of weekly averages as support. My view does not change on wave 4 even as wave c = 138.2% of wave a in this correction. Nifty remains oversold short term with RSI near 30. The 20 week average and 38.2% retracements are together at 10670 odd as the next important level. A move above the 20 hour average at 11081 would be the first sign of strength. Waiting for wave c to complete and wave 5 to start. Today's expiration should have been a capitulation. Will look at sentiment data once it comes and post chart seperately in the morning.
nifty opened below the channel line and wave v of c low considered yesterday. Breaking it wave v extended into 5 waves again into today's low as shown below even as it broke 10882. The next reversal upwards intraday should give us another pivot for wave v down to complete and wave c to end. The channel trendline resistance is at 11030
This is not March 2020 free fall. Then the swing at 4 and the average swing at 6 on expiry day is screaming out loud as extreme oversold. The 9 day swing is at its lowest since 18 March 2020.
BANK NIFTY | |||
TIME | TREND | Up Level | Down Level |
Short term trend | Down | 21072 | 20235 |
Bank nifty continued lower belo9w 21000. 61.8% retracement is at 20235. Will it hold or we go to c=a near 19800. A move above the 20 hour average at 21072 would be the first sign of strenght coming back.
Comments (0)
Sort by
Latest First
Oldest First