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Nifty Daily

11 Jun 2020 ‚óŹ 01:50 PM





 TIME TREND Up Level   Down Level
 Short term trend  Up 10294-10550 9820-9543

The daily momentum for nifty crossed over to the sell side as nifty extended its wave II correction into a more complex pattern on hourly chart. On the daily chart have marked it as a-b-c where c=a=9820 and the 38.2% retracement Mark is at 9750. Somewhere in the range of expect wave II to complete and wave III up to start.


We can fit the decline into a falling channel where the lower end is at 9800 in the top end is that 10,020. We can therefore say a breakout above 10,020 would be positive sign and signal the start of a fresh rally.


The swing  drop to 12 making it oversold readings below 20 are oversold and readings below 10 are extremely oversold. Once a comment to this range are short term bottom is usually closeby.


  BANK NIFTY        
 TIME TREND  Up Level   Down Level
 Short term trend  Up 21967-22300  20300-20200

Unlike the nifty , bank nifty did not push its daily momentum indicators back into sell mode, and prices are coming close to the previous swing low near 20,316 below that should see support near the 40 DMA at 20,200.


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