Nifty Daily

LONG%	SHORT%
92%	8%

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	10550-11200	9895

The main event for nifty today was going past the wave 1 high of 10,328, and we should now test the immediate resistance from the trendline of the last 2 highs and the 61.8% retracement Mark near 10,550. Overall 3=1=11200. The daily momentum has crossed over to the buy side again and the RSI is near 65.

Hourly charts are making higher bottoms and the immediate swing low is at 10,277 holding which we should again attempt to break past the top end of the channel which is at 10,465. If that happens a steeper channel for the new price action may be considered.

The swing moved up to 68, what you are seeing is the smooth version of the indicator which is a 34 and has a long way up to go before getting overbought.

BANK NIFTY
TIME	TREND	Up Level	Down Level
Short term trend	Up	24800	20300

Bank nifty also went past the wave 1 high and came very close to its upper Bollinger band near 22,281. Overall we should be heading towards 3=1= 22,800. The daily momentum crossed back to the buy side here as well. The RSI went 62.