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Nifty Daily

2 Feb 2021 ‚óŹ 10:54 AM





Position Sizing model - Long % = percentage of indicators bullish v/s Short % = number of indicators bearish, Including both daily and weekly time frames.

 TIME TREND Up Level   Down Level
 Short term trend Up  14871-15200 14469-14323

Nifty closed above the 20 DMA but might take another day before daily momentum indicators can cross over to the buy-side. The 20 DMA at 14,323 will act as the support going forward. The nifty may attempt to test the upper Bollinger band at 14,871 and above that head towards 15,200 in wave 5. Strong volumes and heavy Put Open Interest support this advance as of now.

Prices came close to the upper end of the 1st channel and paused. The upper end is now at 14,820 above which we can draw a 2nd channel line at 15,240. The nifty gapped up today and the gap below 14,469 is also a support zone below which we might not go immediately.

The swing zapped up to 87. Now the last 3 times we reach 90 the market did not stop till there was a negative divergence after which the pace of the advance did slow down. It took a couple of divergences before some kind of correction occurred. Let's see they follow the same pattern.

  BANK NIFTY        
 TIME TREND  Up Level   Down Level
 Short term trend Up  35773-37600 33583-32719

Bank nifty went past the trendline of the last 2 highs and should find support at today's low of 33,583 and the wave 3 high at 32,719. The weekly band at 35773 is the first resistance on the upside, the trend may continue towards the upper end of the rising channel near 37,600. The daily momentum indicator crossed over to the buy-side for Bank Nifty.

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