Nifty Daily

LONG%	SHORT%
83%	17%

NIFTY
TIME	TREND	Up Level	Down Level
Short term trend	Up	10294-10550	9387

Unless Nifty breaks 9973 the 20 hour average we can still extend higher toward 10400 without halting too much. If we do pull back some more then 9880 would be a support at 23.6% retracement. Worst case 9800 I think if at all. We have left an island behind below 9700 so that remains there and we stretch higher from it. The speed will slow down once India VIX drops below 30 toward 20. RSI is well below 70 and not overbought. Is minor wave iii complete or not is hard to judge on the hourly chart end of day despite divergences in momentum there.

Nifty shows a nice channel and prices pulled back to the lower end of the channel. Am showing the wave counts here as they appear clear. In short unless we break the channel or go below the gap above 9995 we should consider that wave v up is pending and that can take us to 10550 in the coming days.

The swing dropped to 81 and is out of oversold territory. Will it cause more damage? Not a major top till wave completes and we get a negative divergence in the swing I think. So only one two day pullbacks possible at times on high readings.

BANK NIFTY
TIME	TREND	Up Level	Down Level
Short term trend	Up	21967-22500	20500-18809

Bank nifty futures hourly chart below also shows a rising channel as above and we are at the lower end near 20700 from where we can go to the upper end at 22500. The 20 hour average maybe the ultimate support on the spot at 20518.