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Mentorship

Nifty Daily

3 Feb 2021 ‚óŹ 02:50 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  15200 14580-14469

Nifty continued higher even as hourly charts show some loss of momentum. But we cannot say for sure you get a dip and how much. Minow wave ii if it develops can retest 14600 near the 23.6% retracement mark. Else we may continue to edge toward 15200 before any meaningful pause. 

Nifty paused at the first channel and line and we need to surpass 14857 to surpass it.

The swing was stagnant at 87 nothing new to say except wait for a negative divergence. A reading above 90 would cause a near term overbought reading for a one day halt. 

  BANK NIFTY        
 TIME TREND  Up Level   Down Level
 Short term trend Up  35773-37600 34000-33583

If bank nifty does pause for minor wave ii of 5 then 34000 and 33583 will act as support. Prices can continue to trend higher with the 20-hour average as well. Overall wave 5 has longer to go before it is over to the top end of the channel.

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