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Nifty Daily

10 Jul 2020 ‚óŹ 02:41 PM

LONG%

SHORT%

92%

8%

Position Sizing model - Long % = percentage of indicators bullish v/s Short % = number of indicators bearish, Including both daily and weekly time frames.

  NIFTY          
 TIME TREND Up Level   Down Level
 Short term trend  Down  10860 10713-10387

Nifty may be forming a triangle pattern on the hourly chart which is why to spend 4 days in the same price territory. The odds of wave 2 pullback are increasing especially with the weakness in bank stocks. The bread in terms of the advance decline ratio has also been poor. Staying below 10,860 we may initially pullback towards the 20 day moving average which is now at 10,387 or the minor wave iv low near 10,223 as a worst-case scenario. 

nd100720

Nifty stopped at the lower line of a wedge like structure that is formed over the last month and bounced back to retrace 61% of the sell of seen yesterday. Thus it took support near 10,715. If it does BumpTop higher it may face resistance at the top end of a diamond -like structure near 10,826. A move below 10,713 should result in a lower low pattern Wareham it may then attempt to fill the gap left behind above 10,630.

nd100720a

TThe swing drop to 27, a sharp drop even though the market has not decline much so far.

swing100720

  BANK NIFTY        
 TIME TREND  Up Level   Down Level
 Short term trend  Down 23100   21621-21230

Bank nifty was the bigger loser of the day and if bank stocks are an indication then the trend down may actually continue. Bank nifty itself closed below the lower end of its wedge pattern, with the wedge being at 22,500. Today's break however did not push the daily momentum back into sell mode despite to negative divergences. Staying below 22,500 we should continue to head towards the 20 DMA near 21,621. If that breaks then we may head lower toward 20,000.

bn100720
 

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