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Nifty Daily

4 Sep 2020 ‚óŹ 02:27 PM





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 11794 11289

All in a week, that is what it looks like as large part of the gains are given back. But this is still not the end of wave 3 and therefore a larger degree correction is not showing up in my analysis. The hourly chart below shows my final take on it, I have discussed this alternate once in my videos and may fit best. Todays moves make the fall from the Monday top look like a clear a-b-c where c is 5 waves down and all we need is wave c to end and the next move up starts. The previous swing low on August 20 at 11289 will be my final pivot here even as we closed below the 20dma, because the bank nifty and midcap/smallcap indices did not close below the 20dma, and the Nifty 500 did not break mondays low. So Nifty was standalone extra weak and so I suspect it could not be telling the right story. Worth waiting another day to see this a-b-c decline reverse.

11289 is the previous swging low and 11460 the swing high above which there is a gap today.

The swing is back at 9 so yes we are as oversold here as Monday. The top Indiacator shows the swing based on the 9day average of momentum, and in this case both the indicators are near oversold together, the last time this was true was 17-Jun, from there market rallied for 4 consecutive days [yellow arrow].

  BANK NIFTY        
 TIME TREND  Up Level   Down Level
 Short term trend Up 24454  22808

Despite the deep correction am still marking this as iv, will consider changing later. We are back to the 20dma near 22808.The daily momentum has crossed back to sell mode but holding the averages after an a-b-c decline we can resume the upward trend. 

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