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Nifty Daily

18 Jun 2020 ‚óŹ 01:26 PM





 TIME TREND Up Level   Down Level
 Short term trend  Up 10300-10550  9775

I did not realise that yesterday was a doji star pattern, showing inactivity in price action, and today we closed above the last 4 days trading range ending the lethargy and starting wave 3 up that should now continue beyond the 10,328 high to test the 10,550 Mark, which is the 61.8% retracement of the previous fall. Ideally we should end up at 3 = 1 near 11,150.


The small channel for the last 4 days has its lower end support at 9900 and the top end at 10,300. That is very close to the previous have 10,328 above which the next major level is above the 11,000 Mark.


The swing moved up to 41 and is out of oversold territory.


  BANK NIFTY        
 TIME TREND  Up Level   Down Level
 Short term trend  Up 21807-22312  19902

Bank nifty continued to respect its 20 DMA which will remain an important pivot at 19,902. It closed above the last 4 days trading range and should have started wave 3 up. Wave 3 can achieve equality to wave 1 where 3=1= 24,900.


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