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Nifty Daily

7 Sep 2020 ‚óŹ 10:28 AM





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 11600 11251

An a-b-c correction in wave IV of 3 is done and wave V up started. Conservatively as discussed in the video this morning, wave V can go to 12450 if it is truncated, meaning it is 38.2% of the rise from I to III. the low of 11251 is the pivot or swing low that should hold. Further confirmation comes with a move above 11584.

Protecting 11289-11251 and getting past 11460 is going to be key to going higher. 

The swing moved up to 31 from 9 so now we need follow up on the upside again.

  BANK NIFTY        
 TIME TREND  Up Level   Down Level
 Short term trend Up 24200  22860

Unlike nifty this did not close positive but still managed to close above the 20dma at 22860. Hanging on to that. minor wvae iv should complete and lead to wave v up. The trendline from the March bottom will move up to 22700 as the final support. The top end of the channel goes toward 28000. First however we need to get past the 224200 mark.

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