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Nifty Daily

2 Sep 2020 ‚óŹ 12:21 PM





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 11860 11380

Nifty remains above the 20dma, and will make an attempt to resume its journey higher. Will this be just start of wave V of 3, or do I continue with the i-ii-i-ii marking will remain a doubt for a while. Keep both on the chart for a while. The 61.8% mark of the one day fall at 11620 needs to be overcome to rid the odds of another fall. the we go to test the trendline of the previous highs at 11860. The RSI at 60 leaves enough room for the market to go higher before it is anywhere near overbought.

Nifty is back above 11460 and now next needs to get past 11554 and 11620 and then it is heading to 11800. Intraday the higher lows pattern will hold if 11430 holds. So a fall below 11430 would raise concerns on the structure again.

The swing moved higher to 31. Now above 52 the negative divegence levels would be surpassed. 

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

From the low of wave 2, we have 3 more waves up left to complete an imulse wave. 5+4 = 9 waves where the third is extended. The low was made yesterday and today we kept consoldating at the lower end of the range. A late day breakout on hourly charts show that the next move higher has started. So the upper levels of 25670 and more should be seen in the coming days.

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