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Nifty Daily

11 Aug 2020 ‚óŹ 11:49 AM

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 11449-11600 11094

One more doji star! A day where the open and close are almost the same. no real progress. The breadth remained positive and bank nifty continued to step higher so I think nifty eventually gathers momentum. But its 6 consecutive days up for nifty and the net progress is not exactly astonishing. most of the rallies in the last 2 months ended in 5-6 days for a pause and that is the fear here. We are close to the upper Bollinger band near 11449. That is the resistance and we need to get past it if the rally is to continue. On intraday basis prices keep finding support at the 20 hour average which is today at 11275. So staying above 11275 hopes remain high that we will breakout above 11449 and head to 11600.

The trend channel support is at 11320 and resistance at 11550. The gap zone at 11433 the immediate resistance.

The swing came off to 62, quite a steep drop even ad the A/D ratio was positive. It is though above the red average so trend maybe up still.

  BANK NIFTY        
 TIME TREND  Up Level   Down Level
 Short term trend Up  23211  21690

Bank nifty is in buy mode on the momentum indicator and prices closed above the 20dma, so we should head toward 23035, and eventually go past the wave 1 high of 23211. Wave 3 could be stronger and longer than wave 1, but fingers crossed on that.

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