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Nifty Daily

14 Jul 2020 ‚óŹ 01:28 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  Up  11030 10472

The nifty finally given to the weakness in banking stocks, however in terms of wave structure and considering that this might only be a minor wave iv correction and not a major reversal. The 20 DMA support is close at 10,472 and 23.6% retracement of wave iii is at 10,570. A minimum retracement is then done. Even 61.8% of the move up from 10,223 is at current levels. So it is possible that the pullback is complete and the next move higher towards 11,000 resumes from your unless the 20 DMA has broken


The hourly chart shows an expanding triangle pattern that is broken on the lower side and can point a little lower from where we are. At the same time if I consider the expanded flat wave structure then 1 final push down below 10,560 would complete wave c of the pattern.  the immediate support  here is the rising trendline from the March bottom which is now at 10,537.


The swing dropped to 16, and readings below 20 are often near term bottoms, like the last one that read 15 on 30th of June.


  BANK NIFTY        
 TIME TREND  Up Level   Down Level
 Short term trend  Down 21785   20926

Bank nifty closed below the 20 day average and near the 40 dema at 21,272 and may continue till the support at 20,926 from the wave d low. This also coincides with the 38.2% retracement of the entire rise. Worse case scenario we may test the lower Bollinger band near 20560. The 20dma at 21785 should be the key resistance.


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