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Nifty Daily

8 Oct 2020 ‚óŹ 02:37 PM

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 12050 11613

We should be in the final lap for wave iii to complete as it comes close to 12050. Any decline may find support at the 40-hour average and that is now at 11613 and rising. Midcaps have not yet moved after a 6-day rally and many rallies in the Nifty in the last few months ended after 6 days. So when large caps pause midcaps may take over. I do not think wave 5 ends without participation from the smaller stocks. That is what causes euphoria. The RSI at 66 is still not overbought.

The hourly charts show prices pulling back again to the lower trendline of the channel near 11780. If we hold this level again we should attempt to go up to the top end now near 12030.

Midcap indices still flat, and the swing is just diverging lower against the market because of this. The negative divergence will eventually pause the rally in the index but I do hope to see the shift to the broad market coming in soon.

  BANK NIFTY        
 TIME TREND  Up Level   Down Level
 Short term trend Up 23456-25232 22640

Bank nifty managed a 61.8% retracement of the entire wave 2 decline. If we are indeed in wave 3 up we should now get past 23456. Below 23000 intraday support is at 22640. If we do get past 23456 we should attempt to surpass the wave 1 high of 25232.

 

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