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Nifty Daily

28 Jul 2020 ‚óŹ 07:58 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  11400-11600 11056 

Nifty broke past the 10240 high into wave iii up where iii=i goes as far as 11800. In between we have the 78.6% retracement mark at 11400. Above that 3=1 is at 11600, and the daily momentum is back in buy mode. Note this is an extended rally and we can keep adding 4 waves up after each possible end point for an impulse. The strategy to trail so far has been best. The MAX level at 12060 shows where v=iii, and above that the wave count will change into further extentions if wave v does not end before that. If wave v goes above that it would violate the rule that wave iii is the shortest pushing for a change to a more aggressive posture medium term.


A new channel for Nifty as it breaks out with support at 11200 and resistance at 11550. In between is a gap just above 11433 to fill.


The swing made a big jump to 56 even as the breadth was mildly positive.


  BANK NIFTY        
 TIME TREND  Up Level   Down Level
 Short term trend Up  22228-23213  21611-21027

Bank nifty is one that is uneasy if this dip was wave ii then its mostly over but I cannot rule out that it still goes down to 21138. A move back above 22228 the 20dma on closing basis may reduce the risk somewhat but it is not a given. With the Nifty going up bank nifty should tag along while it lasts and as long as we do not go below 21611, today's low.


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