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Nifty Daily

30 Jun 2020 ‚óŹ 12:32 PM

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 10137

Nifty continues to trade between the upper Bollinger band near 10,500 and the 20 day moving average at 10,137. Even then it is not going close to either side of this range but forming a very narrow triangle formation on the hourly chart that appears complete on the MidCap index. The four-day consolidation therefore should be over in wave iv and is time for the next move up to start that should get us past the 10,550 Mark. 

nd300620

On the hourly chart all the moves of the last 4 days appear corrective moves and therefore are best suited for a triangle structure even though the 2 trendlines are not very contracting in nature. The lower line support is at 10,240 and the upper line breakout is above 10,402. It is about time to break out of this range and start the next meaningful move.

nd300620a

The swing was lower by 1 point at 15, and even the smooth average is at 19, both are a little oversold which should limit the downside.

swing300620

  BANK NIFTY        
 TIME TREND  Up Level   Down Level
 Short term trend  Up 24800   21024

Bank nifty actually close positive with a little more strength than the nifty, and it is not exactly clear whether we have a triangle or not on the hourly chart. The wave counts of nifty and bank nifty have recently differed a bit. The lower support from the 20 DMA at 21,024 needs to hold for the next move higher to start and an intraday breakout above 21,600 would be the 1st sign that the next leg up has kicked off.

bn300620
 

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