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Nifty Daily

19 Jun 2020 ‚óŹ 02:31 PM

LONG%

SHORT%

83%

17%

Position Sizing model - Long % = percentage of indicators bullish v/s Short % = indicators bearish, using both daily and weekly indicators.

  NIFTY          
 TIME TREND Up Level   Down Level
 Short term trend  Up 10328-11035 9832

The most recent decline in nifty ended in 3 waves, therefore, as the rally goes on the odds shift towards the impulsive 1-2-1-2 wave count. Up. This sets us up for a much stronger rally in the weeks ahead. Immediately a move beyond 10,328 should mean that we are headed towards 11,200 where wave 3 is equal to wave 1. Above 10550 nifty has a gap above 11035 that maybe the next resistance level.

nd190620

Nifty is still not reach the top end of the rising channel which is that 10,380. Holding above the swing low of 10,136 we may continue to extend higher. I cannot rule out a pause for a day as the hourly chart shows a small 5 wave advance.

nd190620a

The swing moved up to 47, still below the 50 mark with a lot of room on the upside.

swing190620

  BANK NIFTY        
 TIME TREND  Up Level   Down Level
 Short term trend  Up 21807-22351  20082

Once bank nifty get past the recent high of 21,807 it should head towards the upper Bollinger band at 22,351. Broadly we are in wave 3 where the 3rd wave can be equal to the 1st near 24,900.

bn190620
 

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