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Nifty Daily

6 Aug 2020 ‚óŹ 01:04 PM

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  11383-11433 11013-10874

Nifty took support on the 20 hour average at 11132 in the last hour so that is key ti continuation of this move higher tomorrow. On the daily chart the 20dma at 11013 is the pivot on a closing basis. We should continue higher in wave v first toward the 78.6% retracement mark near 11380 and then the gap zone at 11433. 

The two swing lows are at 11130 and 11080 as support, the rising channel goes to the gap zone near 11433. 

The swing rose to 65 and has to get past 69 the high made on 21-07, to end the pattern of lower highs. After that it would be overbought only above 80 or 90.

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

Bank nifty had a marginal day where it closed near the open for the day and marginally below the 40dema. We are in early stages of attempting a 3rd wave up with the 20dma at 21977 as the immediate resistance.

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