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	11400	11090

During the day the Nifty futures discount to spot was 40 points and ended the day at 24. This persistent discount in index futures at the lowest levels in years for so long signals the negative sentiment among traders in general who probably want to keep shorting the market on the slightest shakeup. It is one reason to expect short covering to keep supporting the market. The sentiment is not at a top. That said technically we held the intraday support of 11100. Wave ii should be complete and wave iii should take us toward 11400 and higher. Keep in mind that if iii=i then we end up at 11800. Wave v of 3 will complete after it itself completes 5 waves.

Above 11242 we have started the next wave up to the top end of the channel at 11500, and that will go into the gap zone above 11433. Support is at 11133.

Mixed signals here as the range is getting narrow with lower highs as well as higher lows. AT 25 we are back near the lower end of the range. Previous bottom was at 16 and before that 15 and 8.

BANK NIFTY
TIME	TREND	Up Level	Down Level
Short term trend	Up	24761-25670	22167

Bank nifty also consolidated on hourly charts and is ready to start wave iii up. Holding above 22417, today's low wave iii if equal to wave i goes to 24761 next. 25670 is the next gap zone. The 20dma is at 22167 as a trailing support.