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Nifty Daily

1 Apr 2021 ‚óŹ 05:03 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 15100 14670

Many good setups in the market for a bullish outcome. Like on 19th March I noted metals but was not on top of it. Now not all my fears are addressed from the dollar or bond markets but the daily momentum indicator for nifty crossed over to the buy-side and we closed above the 20dma, protecting the 14300 level that was support from multiple tools. So bullish first then bearish has to be the view now. Then the question is on the extent of bullish. Above 14930 we go to 15100 which would be a 78.6% retracement of the last fall. Above that, I would have to consider that wave 4 ended and wave 5 to 16600 started, back to the top end of the channel. The lower channel support is at 14420.

A new rising channel with support at 14770 and the upper end at 15200 has been put in place. The trendline of the last two highs at 15250 is the major breakout level.

The swing at 94 is very overbought but if this is a bullish market then it won't matter. These readings work based on the market type. In a bullish market, oversold reading leads to quick bounce backs and overbought readings suggest more highs ahead. So if we do not get new highs and the swing gives a reversal it means that the bounce was a head fake.

  BANK NIFTY        
 TIME TREND  Up Level   Down Level
 Short term trend Up  34532 33151

If bank nifty goes higher above the 40dema at 34210, then most wave z of 4 is truncated and wave 5 up started. Even if an x wave is still forming it could be a larger retracement of the fall itself. The 20dma at 34532 may be put to test. The daily momentum crossing over to the buy-side today requires some near-term bullish considerations.

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