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Nifty Daily

3 Aug 2020 ‚óŹ 01:42 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  11000-11240 10874

Nifty broke the 20dma but closed just above 61.8% of the move up from the 10562 low made on July 14 at 10874. The Midcap 100/Smallcap 100 all closed positive as the broad market held its own. So while my day level did break I am still maintaining that we will bottom near 10874. If it breaks maybe we go toward 10600, else this is it we should start up higher from tomorrow.

Nifty fell in a narrow downwrd range that is not a clear channel and ended up filling all the gaps of the last rally. Now a move above the upper line at 10956 would be the first sign of strength returning. The next swing low is at 10781 and swing high is near 11000.

The swing was down only a bit to 35. No clear directional signal

  BANK NIFTY        
 TIME TREND  Up Level   Down Level
 Short term trend Up  22151  21027-20900

Bank nifty fell but so far has not broke the 21027 low that I discussed so this wave count remains in tact. A 38.2% retraceent of the entire May-July move is at 20900 and maybe the next significant support.

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