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Nifty Daily

1 Sep 2020 ‚óŹ 12:25 PM

LONG%

SHORT%

92%

8%

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 11860 11358

An engulfing bear followed by a Bullish Harami candlestick pattern. Which one is correct? Chose the one that fits with the wave count. Or wait for a confirmation with another day. The 20dma holding today fits with my theory is that the move higher is incomplete somewhere either at a stock or sector level and we need to allow time for everything to play itself out. 

11325 and 11400 are both higher lows for the day that are relevant and should hold the trend for higher highs and lows. Above today's high of 11553 the only hurdle is 11620 as it is the 61.8% retracement mark. fter that a new high at 11800.

Oversold reading worked for the day now for follow up on the upside. 

  BANK NIFTY        
 TIME TREND  Up Level   Down Level
 Short term trend Up  25670-26300  23385

Minor wave iv is complete. As discussed in the video bank nifty chart intraday developed a triangle at the lows and bounced off it. The next move higher should start tomorrow itself then. A move above the 24056, 20 hour average would be a good sign of strength and provide support to the move. Wvae v should attempt to go to the 61.8% retracement mark near 26300

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