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Nifty Daily

17 Jun 2020 ‚óŹ 11:45 AM





 TIME TREND Up Level   Down Level
 Short term trend  Up 10148-10550  9723-9550

Nifty could not hold on to its gains. This does not change the overall wave count that we are in wave 2 down, it does open the risk of a retest of the lower trendline at 9640 before going higher. The upward moves from 12 June an hourly chart to appear corrective leaving open the chance that wave 2 is not complete and could pull back once more before we start wave 3 up. However eventually wave 3 should take us to higher highs.


The channel trendline support is at 9820 and if that breaks then the broader channel support is at 9680.


The swing came of away to 14 and still remains at the lower end of the range it can get oversold again if markets continue to fall.


  BANK NIFTY        
 TIME TREND  Up Level   Down Level
 Short term trend  Up 21967-22300  19746-19500

So far bank nifty has been taking support near the 50% retracement Mark and be tested again in case the market gives to 19,500. The 61.8% Mark is the extreme at 18,940 as a worst-case scenario. In terms of wave counts we remain in wave 2 waiting for wave 3 up to start that will eventually take us to higher highs.


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