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Nifty Daily

7 Oct 2020 ‚óŹ 02:20 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 12050 11520

Wave iii is not over till it is over. As long as we are above 11724 and do not halt this move of higher highs daily, we are in wave iii and extending toward 12050. Wave 5 has an overall potential objective of 12500 and has to subdivide into 5 waves before it is complete. Intraday support is at 11520 from the 40dema.

Nifty still inside the channel and the lower end is at 11694. The upper end is at 12020. A break of the lower end would mean wave iii is over and wave iv pullback may be going on. Otherwise, we should continue higher.

Midcaps still not participating but should do so soon as wave ii completes and gives way to wave iii higher.

  BANK NIFTY        
 TIME TREND  Up Level   Down Level
 Short term trend Up 23456 22159

23278 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 22159 is the immediate support.

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