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Nifty Daily

10 Sep 2020 ‚óŹ 12:53 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 11460 -11560 11185 

Wave 5 up started and the correction is over. The only alternate is a consolidation above the recent low into a triangle but that you cannot know in advance, so start out with the expectatoin of a higher high and we will watch if the rally continues to develop as an impulsive five wave pattern or not. Today we went back above the 20dma [11412] and next we wait for the daily momentum to cross back to the buy side.

Nifty made a higher low at 11362 intraday today and holding that will attempt to get past11460. Above that we head to 11560.

The swing is turning around from an oversold condition after a positive divergence.  

  BANK NIFTY        
 TIME TREND  Up Level   Down Level
 Short term trend Up 22900  22080

Bank nifty formed a doji star, meaning the open and close were at the same levl and the day ended in indecision. It closed just above the trendline we discussed yesterday. That completes a 3 wave decline but we want to see positive follow up action. Going back above the 20dma at 22900 would be a first requirement. For now I may conclude that wave z of 2 ended at 22080 yesterday.

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