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Nifty Daily

5 Aug 2020 ‚óŹ 01:21 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  11383-11433 10874

Nifty remains on course for wave v. Some people are concerned by the sell off in the index in the later half of the day but that did not change the set up. The breadth was strong with 1700 stocks up and 1000 lower approx. We should coitnue toward the upper bollinger band near 11400. 

Nifty has a broader channel with its lower end at 10970 and top end at 11800. We can draw a new channel to todays low that will rise to 11326. 

The swing rose to 60 and is back at the high seen on 29/07. The next high is at 69. Once both are surpassed we break the lower highs pattern. On the other hand see the short term positive divergence if we go above 60, as we made a higher low in the swing as the market fell last week.

  BANK NIFTY        
 TIME TREND  Up Level   Down Level
 Short term trend Up  22040-23211  21027 

Financial were still sleepy even as they confirmed that the previous fall was a-b-c. The 20dma at 22040 is the immediate resistance and then we go to the prevoius high near 23211.

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