Nifty Daily

LONG%	SHORT%
83%	17%

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	11724-12050	11416

Nifty is in wave iii up and is expected to go to 11724 or 11745 near the Bollinger band. However hourly charts show that we may be extending. An extension can mean wave iii is 161.8% of wave i and that would take us to 12050. Intraday 11517 is the important support level at the 20-hour average.

Nifty hourly charts show prices following a steep channel and wave iii is still not at the top end of the channel. The lower end at 11565 and top-end prices can go to 11890 as long as the lower line is not broken.

The midcap index has been flat and that is why the swing is diverging. The rally in nifty so far is in large caps and the midcap index is still in wave ii waiting for wave iii up to start. When large caps slow down as allocation will shift to midcaps and they will quickly catch up with large caps so be prepared for a sudden shift to large caps as wave iii in nifty matures.

BANK NIFTY
TIME	TREND	Up Level	Down Level
Short term trend	Up	23456	22118

23236 is the upper Bollinger band and first resistance. However, as wave iii has exceeded equality the 161.8% projection says we can go to 23456 next. The 40 dema at 22118 is the immediate support.