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Nifty Daily

22 Jul 2020 ‚óŹ 03:13 PM





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

 TIMETRENDUp Level  Down Level
 Short term trend Up 1140010962

Wave v in nifty is probably subdividing and today's decline may be just minor wave ii within that. On hourly charts the nifty declined in a-b-c and therefore the correction may be complete near the 20 hour average. As long as we remain above today's low of 11,056 it is possible that we should resume the move higher in wave iii of v. Only on a break of the slow what I consider a further pullback towards 10,976. Even then the upward move would remain intact and we should continue to look for a possible extension towards 11,400. However even if iii = i within the structure we will end up at 11,745.


Nifty broke the steep rising channel and today's decline is inside the small downward channel. We will breakout of this channel above 11,180 to start a fresh move upwards that should track a new broader channel with support near 11,075 and the top end near 11,400.


The swing decline to 60 without getting overbought. The swing is still at a lower high than the 13 July and can be argued to have a negative divergence relative to price if the markets do not continue higher.


 TIMETREND Up Level  Down Level
 Short term trend Up 24275 22035

Bank nifty and the MidCap indices surprised by closing positive for the day. Intraday it went above the wave 1 high of 23,080. Till we go past today's high of 23,211 we may remain open to a possible pullback toward 22,260. The 20 DMA is the final support at 22,035.


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