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Nifty Daily

24 Jun 2020 ‚óŹ 02:16 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 10550-11200 10200-10017

Nifty made a high of 10,553 exactly touching the 61.8% retracement Mark and the trendline of the last 2 highs. The Elliott wave setup though indicates that this fall is minor wave iv and wave v up is still pending. The daily momentum remains in buy mode and wave v up should attempt to get past the 10553 high made today. On hourly charts support is between 10256-10272. Today's decline is an exact 38.2% of wave iii and near the wave iv of iii swing low on hourly charts.


Prices broke the inner channel support below 10470 to head toward the broader channels lower end which is now at 10200. The channel should hold out for the next move higher.


Sharp reversal in the swing to 38 for the day.


  BANK NIFTY        
 TIME TREND  Up Level   Down Level
 Short term trend  Up 24800  21400-20681

Bank nifty was harder hit and as discussed in the video this morning wave iv down is forming and we are near the lower Bollinger band near 21400. Ideally in this range we should find support for wave v up back to a higher high.


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