Nifty Daily

LONG%	SHORT%
50%	50%

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	15442	15010

Nifty closed negative after what only looks like a 3 wave advance so far on the hourly chart. If prices go beyond yesterday's high of 15,273 then we may follow a wave extension on the hourly chart which may take support at the 20 hour average near 15,036. However, below 15,026 it is possible that we go back to retest the 14,600 level simply because the move so far has been 3 waves and would end up being corrective in nature. It would mean that the consolidation phase is not over for the nifty. Watch out what happens close to the 15,000 mark as put writing in that strike also remains high into the month and so far. I believe that most of the shakeout should have been over and 15,000 should hold pushing the market higher from here.

The hourly chart shows nifty trying to hold above the breakout point of 15,010, doing so it should head towards the top end of the smaller channel near 15,400 and eventually achieve the breakout projection near 15,670.

From the Miley overbought reading of 81 the swing decline to 57.

BANK NIFTY
TIME	TREND	Up Level	Down Level
Short term trend	Up	37327	34700

Bank nifty face the same problem as nifty that the 3 day advance looks corrective in nature. Today's decline pushed back below the 20 DMA which is at 36,007. At the same time the daily momentum has finally fallen below zero, completing it cycle. The lower Bollinger band at 34,700 should be a major support. If prices go beyond 36,455 we will mark the hourly chart into extensions.