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Nifty Daily

29 Jun 2020 ‚óŹ 12:34 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 10553-11200 10122

I am showing the hourly Nifty chart below. So far we did not break the 10194 low and so wave iv [or 4] marking is still valid. I said that it can form a triangle. If we do not breakout above 10360 then one last test of 10230 would complete a triangle. If we do not dip and breakout past 10410 then wave v [or 5] up has started and we go to higher highs near 10700 next. A break below 10194 would open up a correction to 10100 or lower but till then we are consolidating. The hourly momentum shown below crossed back to buy mode at 2.30pm. The daily chart shows 2 doji star candles for the last two days. Meaning no activity of importance happened. 


After moving out of the rising channel we maybe in a triangle. If the triangle breaks on the downside the risk would change to the falling channel that goes down to 10040 and coincides with the rising trendline from the March bottom in Nifty at the same level. On the upside a breakout above 10360 and 10410 would mean that the rally to new highs has started.


At 16 a reading below 20 is a slightly oversold condition and does often result in a bottom. On other occasions it dips to below 10.


  BANK NIFTY        
 TIME TREND  Up Level   Down Level
 Short term trend  Up 24800   20926

Bank nifty took support on the 20dma again at 20982. Unless 20926 breaks near term we should head higher from here toward 22123 again, and above that toward new highs. Breaking 20926 opens up a correction to 19840. Unless a triangle forms the marking is wave ii for this pullback and not wave iv because of the deeper than normal retracement. We can review this later.


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