Nifty Daily

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.