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Nifty Daily

20 Jul 2020 ‚óŹ 01:59 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  11145 10609

We are in wave V of this move that is likely to further subdivide into 5 waves. Prices range to the upper Bollinger band near 11,040 beyond which the next resistance is near 11,400. The 20 DMA is at 10,609 as a trailing support. The intraday support is a 10,844 from the 20 hour average.


Nifty moved right into the next gap zone above 11,035. Intraday it my to fill that gap as well and could continue to the next gap area just above 11,400. The rising channel now has support at 10,970 and resistance up at 11,145.


The swing moved up to 66 is the trend for momentum remains positive till it gets overbought.


  BANK NIFTY        
 TIME TREND  Up Level   Down Level
 Short term trend  Up  22874-23080  21936

Bank nifty had a good day, but the end of day candle is a doji, meaning that the close was not much higher than the open. The immediate support is the 20 DMA at 21,936 and the next resistance is at the upper band near 22,874. We remain in wave 3 up that should get us past the 23,080 high.


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