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Nifty Daily

23 Jul 2020 ‚óŹ 06:46 AM





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  11400 11056

Holding the low of 11056 wave iii of V maybe presumed to have started. The next major hurdle is at 11400 at the 78.6% retracement mark of the 2020 crash. iii=i=11800. The 20dma pivot is at 10733, however intraday 11165 and 11100 are the immediate support levels.


Nifty broke out of the flag and the rising channel is now at 11165 as support and the top end goes to 11440, just above the gap zone at 11433.


The swing at 58 was again a little lower but not below the red average. This even as nifty closed higher along with midcaps.


  BANK NIFTY        
 TIME TREND  Up Level   Down Level
 Short term trend  Up  24311-25670  22113

Bank nifty had its 6th consecutive positive day closing marginally above the wave 1 high. The next resistance is 25670 above which there is a gap zone. The 20dma is at 22113 and intraday support is at 22824


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