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Nifty Daily

1 Oct 2020 ‚óŹ 01:00 PM

LONG%

SHORT%

83%

17%

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 11470-11685 11181

The daily momentum crosses back to the buy-side at the same time wave iii of 5 starts. We closed above the 20dma and 11400 and 11470, the trendline from the 11794 high should be the last hurdle on the way to 11800+. We made a higher low at 11181 which could be the new pivot and should, test the upper Bollinger band at 11685 first after the breakout.

Today's gap below 11347 is immediate support. Above the falling line at 11470 we go to the top end of the rising channel for this move at 11660.

The swing at 91 is now close to the 93 reading seen earlier. Need to watch what happens here. If we do breakout higher then till we get a clear negative divergence in the data, consider the trend to be up.

  BANK NIFTY        
 TIME TREND  Up Level   Down Level
 Short term trend Up 23356 21128

Bank nifty closed above both the 20/40 day averages at 21965 and that should now be the support. The pivot is the wave ii low at 21128. The Bollinger band at 23356 is the next major resistance. Wave 3 up is unfolding in bank nifty while wave 5 up is unfolding in nifty. The alternate way this works out is bank nifty is only in wave 1 of 3.

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