Nifty Daily

 

LONG%	SHORT%
67%	33%

NIFTY
TIME	TREND	Up Level	Down Level
Short term trend	Up	10294-10550-11215	9570

The nifty completed a 3 wave correction on daily charts ending near the 20 day average at 9570. Closing positive for the day means the structure is complete and wave III should have started where III=I is at 11215. A move above 10148 would further confirm that the decline was corrective and we should test the 61.8% Mark at 10,550 soon. The blue trendline of the lows also held out.

Looking at the big picture from March, prices came close to the lower end of the larger channel and broke out of the last 3 days falling channel and should head towards the top end of the broader channel near 11,400. With today's action all the recent gaps Stand filled.

The swing was up 2 points at 14. If the market close down possibly the same would have been in single digits. It should now advance with the market.

BANK NIFTY
TIME	TREND	Up Level	Down Level
Short term trend	Up	21967-22300	19420

Wave ii came close to the 20 DMA near 19420 and bounced back from there to close above the 40 Dema. From today's low the 3rd wave now points towards 24,500 if it is equal to the 1st wave.