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Nifty Daily

5 Jun 2020 ‚óŹ 12:41 PM






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

We most probably started wave v up and that should take us to 10550 at least. I am keeping odds open that we get an extension in waves as bank nifty is just starting wave iii. c=a goes to 11545. So unless wave c is truncated we are going much higher. Today's move was also accompanied by expanding volume and breadth so strong signs of trend here.


Prices moved slowly and nifty dragged along the lower end of the channel near 10120 at the end of the day and the top end has gone up to 10640.


The swing is up at 78 now and can attempt to go back to 90 again. Watch out for a negative divergence if one develops.


  BANK NIFTY        
 TIME TREND  Up Level   Down Level
 Short term trend  Up 21967-22300  20300-20060

Bank nifty is high beta meaning that it always moves more in % terms than nifty. However due to the larger decline earlier it is lagging behind nifty by a large margin. Bank nifty is not even at the 38.2% retracement mark which is at 22600. The 40dema at 20060 is the immediate support and wave iii up is next where iii=i goes to 25500. So holding above this support big move up coming in banks next week.


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