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Nifty Daily

6 Feb 2021 ‚óŹ 02:30 AM

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  15360 14866-14700

Nifty 500 closed down but not the Nifty, maybe we did get a small wave ii pullback and the entire pattern is a running triangle and not a wedge on hourly charts. The point being that if the 20 hour average at 14866 holds and propels us into the next leg higher towards 15360 or higher the game changes. Yes, stay open to this becoming an extended move then beyond 15360. Ok, what if we break 14866? Then we dip to 14700 and then go up again. But even then expect some fireworks from Metal stocks on the upside because the dollar declined last night mostly reversing its advance and all commodities rallied higher.

But even then expect some fireworks from Metal stocks on the upside because the dollar declined last night mostly reversing its advance and all commodities rallied higher.

The lower line of the wedge like pattern is at 14880. If this holds without breaking the rising triangle is a running triangle and a bullish setup. Then the steep channel drawn around this advance will take us to 15760. The first resistance is the channel line at 15360. The trendline of the last two highs is at 15080.

The lower line of the wedge like pattern is at 14880. If this holds without breaking the rising triangle is a running triangle and a bullish setup.

The swing declined to 85.

The swing declined to 85.

  BANK NIFTY        
 TIME TREND  Up Level   Down Level
 Short term trend Up  37600 35278-34264

While bank nifty was the strongest till yesterday today's big candle with a long upper shadow and crazy volume is scary short term. So maybe banks do give us a minor wave ii pullback now. If so, a decline to 35278 and if that is broken, to 34264, should be kept open. After a dip the move up may resume in minor wave iii to higher highs.

While bank nifty was the strongest till yesterday today's big candle with a long upper shadow and crazy volume is scary short term.

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