Nifty Daily

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	15300	14751

The daily momentum crossed over to the buy-side yesterday itself, in nifty is attempting to move higher taking support at the intraday averages. The next resistance is at the upper band near 15,008 after which we should attempt to get at 15,200 where wave 5 and wave 1 would be equal to each other. Once clear wave extensions show up that indicate we are going far higher than 15,200, I will change my wave count is to what I think might be the preferred case looking at sector indices, that nifty starting wave 3 of 3 higher. This will significantly raise the bar for the current rally on the upside. Till then we will watch out for the possibility of a near-term correction close to 15,200 in the coming days. The 20 hour average at 14751 is the intraday support, holding which the trend higher can keep extending.

Nifty is trying to get past the 1st channel trendline near 14,900 and doing so it would then test the top end of what this looking like a wedge-like pattern up to 14,990. Once that is surpassed we should be on our way to the 2nd channel trendline near 15,300. If prices continue higher without a pause it will start looking like an extended rally with much higher possibilities.

The swing moved up to 88 and we should wait for a negative divergence like in the last 3 occasions before a meaningful pause.

BANK NIFTY
TIME	TREND	Up Level	Down Level
Short term trend	Up	37600	34550

Bank nifty took support at the 20-hour average which is near 34550 now, and it appears as though minor wave iii has already started to develop intraday and therefore we may not see any meaningful pause on the daily chart and the rally may continue to be relentless in nature based on the setup..