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Nifty Daily

16 Jul 2020 ‚óŹ 01:39 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  10942 10541

Nifty held the 20dma at 10541 and the trendline from the March low. Two days of positive closing and better volume as all the selling gets absorbed by the market. Wave iv of 3 is probably complete and wave v of 3 up starts with first a test of the upper Bollinger band at 10942 and then goes to the top end of the channel from the June low at 11380. The inter market divergence with bank nifty intraday today marks a possible bullish divergence for a bottom to have formed today.


Nifty held the trendline that comes up from the March bottom this year at 7511. On the upside we first need to break past the falling trendline of the 2 highs at 10790, and above that then we head to above the high of 10876. Eventually we go toward the top end of the channels at 11300 and higher.


The swing went up only a bit to 29 as the midcap index managed to bounce back and close positive above the 20dma.


  BANK NIFTY        
 TIME TREND  Up Level   Down Level
 Short term trend  Up 21874-22831   21000

Bank nifty bottomed near the previous swing low at 21000 and near the lower Bollinger band. It closed positive and should start a slow recovery from here. Eventually go back to the high of 23080. The 22831 level is the first resistance at the Bollinger band. However if the wave count is right and we are starting wave 3 then 3=1 goes to 28360. The daily momentum is back to zero so that cycle is complete. It will take a while before we get a buy crossover again.


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