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Nifty Daily

10 Aug 2020 ‚óŹ 12:53 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 11456-11850 11058-10874

Nifty opened gap up to form a doji star. Now a doji star is when the open and close rate for the day are almost same. It means the market lost momentum, but the breadth was strong and midcap/smallcap index was up 1.42%/1.47%. So I would expect the move to continue. The high of 11337 was short of the previous top of 11342. Above that we head toward 11456, at the upper Bollinger band. Intraday prices are taking support repeatedly on the 20 hour averatge that ended the day at 11230.

The hourly trend channel is being put to test again. The lower end of the small channel is at 11260 and top end 11500

Clearly on the swing this is a new move higher. The strength of the broad market has driven this to 80, the initial zone for overbought readings. We could go above 90, having broken out of the downtrend line of the last 2 months.

  BANK NIFTY        
 TIME TREND  Up Level   Down Level
 Short term trend Up  23017  21027 

Bank nifty remains peculiar, it could not hold gains above the 20dma but still pushed its daily momentum indicator back to buy mode. 21935 was the 20dma for the day above which we head to the upper Bollinger band near 23017

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