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Nifty Daily

2 Jun 2020 ‚óŹ 02:23 PM

 

LONG%

SHORT%

83%

17%

  NIFTY          
 TIME TREND Up Level   Down Level
 Short term trend  Up 10160-10294 9387

Wave iii is extending and it can continue toward 10160 at the next gap zone, but the swing discussed below at 94 is overbought and a one day pause in the rally appears due based on that one indication. 9880 and 9774 [20 hour average] are intraday support levels for support in case of dips. The RSI is at 66 far from getting overbought.

nd020620

Prices extend without a pullback to the lower line and we may have to draw a steeper one. If we do not dip below 9950 we are extending toward 10270 right away.

nd020620a

The swing at 94 is the only concern from a 1-2 day perspective. In a trending market however the number can get still higher before the reaction so trail your levels tightly if you are looking at 1-3 day trends else after a price reaction wave v up should go higher still so we are not done here on the upside but only looking at on dip before doing so. By that time we may have a negative divergence in the indicator.

swing020620

  BANK NIFTY        
 TIME TREND  Up Level   Down Level
 Short term trend  Up 21967  18809

Bank nifty extended above the upper Bollinger band so no sign that bank nifty wants to pause here. So bank stocks may continue to outperform as we now head toward 22000.

bn020620
 

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