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Nifty Daily

4 Aug 2020 ‚óŹ 11:34 AM





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  11383-11433 10874

Nifty is back above the 20dma at 10972 so for now the break yesterday does appear like a false break. Holding 10874 wave iv should be considered complete and wave v up started. Wave v is a 5 wave advance and v=i=iii in this case we can scome up with a level near 12700. Before that 11383 is the 78.6% retracement of the entire fall, 11395 is the upper Bollinger band, and 11433 is the next gap level. 11383-11400 is the first resistance of importance. 

We can draw a broad channel now for the 2-4 wave lows and that gives us the lower end at 10925 and upper end at 11800. In between the swing highs of 11150 and 11300 are resistance levels.

The swing moved up to 44 and we need to see that it breaks past the previous highs and end the negative divergence. Above 70 would be good.

  BANK NIFTY        
 TIME TREND  Up Level   Down Level
 Short term trend Up  22094-23211  21027 

Bank nifty ended an a-b-c decline but still closed at the intraday resistance levels and below the 40dema at 21652. The blue wave counts are the alterante where entire move up was a leading diagonal in wave 1 and the decline is wave 2. Wave 3 is to then start.

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