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Nifty Daily

5 May 2021 ‚óŹ 03:10 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 14974 14416

Nifty managed to go back above the 20 DMA, with the long shadow, meaning that prices fell much lower from the open but managed to recover and close higher at the end of the day. This is a good thing and most probably minor wave ii completed and we should head higher in wave iii towards the upper band at 14,974. A move beyond 14,665 amounts to a break out again outside of the triangle for a 2nd time. Most people have concluded that the breakout was a false one, but sometimes prices do retest the breakout point or the pattern itself in a test of confidence, however, such occurrences are, it may have occurred because of the gloomy sentiment.

Prices will 1st try to break past the swing high of 14,723 and once it has been overcome we should move towards 14,855. Eventually, the rising channel goes all the way to 15,300. The lower channel line is the key support at 14,500

Broad participation from stocks has been the lead indicator that this market is in an upper trend that is slowly building. The swing jumped up to 75 because the A/D ratio a strong.

  BANK NIFTY        
 TIME TREND  Up Level   Down Level
 Short term trend Up 33800 31906

Bank nifty ended its losing streak by closing positive and coming back above the 20 DMA. The daily momentum indicator remains and buy mode and the bank index should go back to the upper band near 33,800.

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