Nifty Daily

LONG%	SHORT%
92%	8%

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

NIFTY
TIME	TREND	Up Level	Down Level
Short term trend	Up	10550-11200	10314-9967

Nifty is now a close distance from the 10550 level that most may be watching, however based on the wave structure wave 3 could be equal to wave 1 in which case we end up at near 11,200. The 20 DMA at 9967 is the trailing support on the daily chart and may appear far. It 20 are average at 10,314 is a tighter level to use. The Bollinger bands continue to contract however once we get past the upper band at 10,504 they will start expanding again. In wave 3 of 3 expect some meaningful gap action as well.

The 1st channel line is at 10,540 after which the steeper channel with it support at 10,430 and resistance near 10,640 will become active.

The swing at 88 is getting close to overbought for the short term but no medium term divergences yet. Readings above 90 would signal a 1-2 day pullback.

BANK NIFTY
TIME	TREND	Up Level	Down Level
Short term trend	Up	24800	21700-20545

Bank nifty is also well on its way into wave 3 closing just on top of the upper Bollinger band. We surpassed the April top and now 3=1 is near 24800. The 20dma is at 20545 and a tighter level at the 20 hour average is at 21700.