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Nifty Daily

9 Jul 2020 ‚óŹ 02:06 PM





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  Down  10860 10605-10348

The market almost has me today on expecting a correction. So if prices do extend beyond the recent high of 10847 I will consider that minor wave iii is extending. I will watch for breath volume and momentum to expand. As of today volumes a still not back to where they were a week ago. But it is also near average. And it is possible that shorts climaxed today because the nifty futures discount changed into a premium of 8 to 10 points at the end of the day. In the very short-term this means that bearish give up and covered in the 2nd half of the day. It does not mean that premiums cannot rise further in the medium term. 


Nifty either started a new move higher or the last 4 days is an expanding triangle pattern, also known as a broadening top in which case nifty could surpassed the 10,848 high temporal to attempt a touching 10,895 at the top end of the broad information. While it does not have to touch that a move higher in then a subsequent break of 10,755 would confirm the broadening triangle as a top pattern. Subsequent to that the lower line at 10,665 may break giving way to much lower levels. Alternately a move beyond 10,900 to take us to 11,200 next.


The swing at 50 was only one point higher and does not tell us much as it remains below the red moving average.


  BANK NIFTY        
 TIME TREND  Up Level   Down Level
 Short term trend  Down 23100   22100-21600 

Bank nifty to did not surpass yesterday's high of 23,080, and thus the wedge like formation has not been displaced. Unless prices breakout of the wedge on the upside to extend into a rally we should get a correction first at least 2 the 20 DMA near 21,600


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