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Nifty Daily

1 Feb 2021 ‚óŹ 12:23 PM

LONG%

SHORT%

58%

42%

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  14310-14830 13600

Nifty closed positive after an engulfing bear candle, it will now look like what we call as 'The last engulfing'. So wave 4 ended and wave 5 up started. Further confirmation on a close above the 20dma at 14297 and the 61.8% mark at 14310. Given the new high in bank nifty I think nifty will follow higher in wave 5.

Nifty closed positive after an engulfing bear candle

Nifty broke out of the falling channel and closed above the swing low of 14222. Next resistance at 14491. From the lower end of the channel at 13636 the top end is at 14771. 

The swing jumped to 67 so now we watch out for an overbought reading at 90+.

  BANK NIFTY        
 TIME TREND  Up Level   Down Level
 Short term trend Up  33900 29687

Bank nifty went to a new all-time high and that means wave 5 started. Wave 4 appears small and 5=1 from the recent low is at 38200. The trendline of the last two highs extends to 33900.

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