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Nifty Daily

7 Aug 2020 ‚óŹ 03:21 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 has not made a lot of progress in the last 2 days however the broad market was strong and the A/D ratio was fairly positive. We should soon progress toward 11400

The slow progression of higher lows points upwards. If we do break 11170 it is possible to make a case for an intraday test of 11100 one last time but otherwise we should just trend higher from the 20 hour average. 

The swing continues higher and ended at 68. A point lower than the 69 high made previously, above which the lower highs pattern will break.

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

The slow progress in bank nifty has it above the 40dema today for a start. Next we need to get past the 20dma at 21945. Then wave 3 up may accelerate.

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