Nifty Daily

LONG%	SHORT%
75%	25%

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	10553-11200	10250-10057

Today's decline is minor wave iv as it remains in side the rising channel on the hourly chart. The major swing support is of course the 20 DMA at 10,057. The daily momentum is whipsawing from buy to sell again so I will give more importance to trendlines and moving averages. As long as we are above 10,200 wave v up should be expected next that goes beyond the high of 10,553 made yesterday.

The 1st trendline break at 10,460 took us down to the 2nd channel close to 10,200. This channel from the 9544 low has held for the day and should remain the key support from here on. The major trendline for the entire advance from the 7500 bottom is at 9950. Holding above 10,250 we should go to the top end of the channel that will extend to 10,740.

The swing went back up to 46 and the trend up should likely continue as the broad market meaning mid-and small cap indices held their gains.

BANK NIFTY
TIME	TREND	Up Level	Down Level
Short term trend	Up	24800	20800

Bank nifty closed positive for the day even though nifty was down. Bank nifty also retraced 61.8% of the four-day rally seen over the last week. So while I want to mark this is minor wave iv, The deeper retracement has the trademark offer wave ii pullback. This would be proven true if the move higher subdivides and extends into another 5 waves from here. In either case the next move up should go beyond the 22,480 high. This is the 2nd time this month that bank nifty found support on the 20 day moving average.