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Nifty Daily

15 Jun 2020 ‚óŹ 11:44 AM





 TIME TREND Up Level   Down Level
 Short term trend  Up 10148-10550  9616

Nifty was down but holds above the daily averages and hourly momentum remains in buy mode so the a-b-c count for wave 2 remains valid. wave 3 either started or soon will with further confirmation above the wave b swing high of 10148 and we should then test the 10550 level. Ideally another 5 wave advance develops where wave III=I goes to 11200.


The short term falling channel shows a breakout above 9850 and the lower end of the rising channel at 9570 is the major support. Today's swing low is important because a break below it could open up a retest of the 9550 low. Holding it we should head higher from here.


The swing dropped to 8 giving an oversold signal short term so once again we are setup for a bounce back on the swing.


  BANK NIFTY        
 TIME TREND  Up Level   Down Level
 Short term trend  Up 21967-22300  19474

Bank nifty was down but made a near double bottom near the 20dma at 19474. As long as we close above 19474 the trend is up and we should head up in wave iii toward where iii=i at 24384.


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