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Nifty Daily

9 Jun 2020 ‚óŹ 02:48 PM





 TIME TREND Up Level   Down Level
 Short term trend  Up 10294-10550 9944-9472

Nifty completed its 1st wave from the 8806 low. This is a 5 wave advance that I marking as wave I. Any pullback will be wave II which should ideally find support near above the 9944 swing low. Only if that breaks the we consider a deeper cut back to the 20 DMA. Most probably we should start wave III from your which should take us above the 11,000 Mark. Today's pullback is therefore just the 1st setback in broader 3rd wave rally. Whether this 3rd wave is 3 or C will depend on getting past the 10,550 Mark. Once we get past it I will change my preferred wave count to wave 3. The 20dma is at 9472 as the major support and pivot for the up trend.


The channel is violated and I need to wait for further price action to draw a new one. The previous swing low at 9944 is then the only important level to look at. Below that the next swing low is at 9802 followed by the gap left behind at 9706.


The swing dropped to 44 and it may appear that we have a negative divergence yesterday. So till another wave up confirms the swing is falling showing the loss of short-term momentum.


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

Bank nifty remains in minor wave ii and should find support either near 20,500 or at the 40 DMA near 20,142. Eventually wave iii should take us much higher.


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