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Nifty Daily

5 Oct 2020 ‚óŹ 02:18 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 11618-11794 11323

Nifty broke out of the falling channel above 11450 and staying above this we are in wave 5 up and within that in wave iii of 5. Next, we have to get past the wave b high of 11618 and then 11794. Then the final objective for wave 5 is 12500. Support is near 11400 at the 20 hour average and 11323 at the 20dma.

The lower end of the channel is at 11460 as support and the top end at 11775.

The swing declined to 74 as large caps lead the way. There is some divergence but till prices confirm a reversal we do not have one.

  BANK NIFTY        
 TIME TREND  Up Level   Down Level
 Short term trend Up 23254-23356 21128

Looks like a doji star, a pattern that represents a loss of momentum. Support is at 21933 on a closing basis. The trend up should however continue after a pause toward 23254 near the upper Bollinger band.

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