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Nifty Daily

1 Jul 2020 ‚óŹ 11:46 AM





Position Sizing model - Long % = percentage of indicators bullish v/s Short % = number of indicators bearish, Including both daily and weekly time frames.

 TIME TREND Up Level   Down Level
 Short term trend  Up 10553-10800 10155

Nifty closed above the trading range of the last 4 days breaking out for wave iv triangle formation. We should again test the 10,550 level that marks the 61.8% retracement of the January to March crash. Above that we may continue higher towards 10,700 to 10,800. The breakout above 10,400 should act as an intraday support. 


With the breakout today outside the triangle 10,400 is now the 1st support followed by the channel line at 10,327. On the upside the recent high of 10,553 will be followed by the upper end of the channel that stretches all the way to 10,900.


The swing rose to 36 and is out of the oversold zone.


  BANK NIFTY        
 TIME TREND  Up Level   Down Level
 Short term trend  Up 24800   21076

Bank nifty managed to hold on to its 20 day average and head higher which was at 21,076 and will remain a good trading support. Should now attempt going above 22,479, the recent high above which it should continue towards 24,800.


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