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Nifty Daily

8 Feb 2021 ‚óŹ 02:01 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  15200-15360 15000-14870

Nifty achieved 5 = 1 at 15,150-15200, and now we remain on the lookout for a clear sign of extensions above 15,200 to be able to anticipate a change in wave count. Failure to get past 15,200 can result in the near-term setback to 14,970 or below that to 14,870, before going higher.

Failure to get past 15,200 can result in the near-term setback to 14,970 or below that to 14,870, before going higher.

Nifty needs to get past the trendline of the last 2 hives on the hourly chart which is at 15,200. Unless this happens the recent up move can continue to look like a wedge structure. The lower end support is at 15,020 and 14,970.

Nifty needs to get past the trendline of the last 2 hives on the hourly chart which is at 15,200. Unless this happens the recent up move can continue to look like a wedge structure.

The swing came down to 77 diverging from the index, but we do not have the classic negative divergence yet. 

The swing came down to 77 diverging from the index, but we do not have the classic negative divergence yet. 

  BANK NIFTY        
 TIME TREND  Up Level   Down Level
 Short term trend Up  37600 35700-34770

Bank nifty started a pullback intraday though it is still not fallen below the 20 hour average which is the immediate support at 35,700. If that breaks the next support would be at 34,770 near the 40 hour average, and ideally we will not go below that. The dip should be minor wave ii of 5 after which wave iii of 5 should start.

Bank nifty started a pullback intraday though it is still not fallen below the 20 hour average which is the immediate support at 35,700. If that breaks the next support would be at 34,770 near the 40 hour average, and ideally we will not go below that

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