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Nifty Daily

12 Jan 2021 ‚óŹ 02:21 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  14750 14350

Nifty approaches the 1st channel from the May bottom at 14,758, followed by a 2nd one from the November bottom at 14,930, and finally where iii=i at 15,250, as prices expand along with volume. The RSI is back at 80. The last couple with the reading of 81.21 causing a one-day 5% knee-jerk reaction. A tight trading support from here on might be good. The rising channel for wave 5 itself has its lower end at 14,350 is the immediate support for the upward move. The 40 hour average at 14,308 and rising is also the intraday support. Till wave iii Of 5 is not complete I would not expect any meaningful pullback.

On the hourly chart and giving more importance to the major channel which has its support at 14,000 350 and the top end at 14,930 which may eventually coincide with the rising channel from the November low. There is a gap below 14,383 which are active the 1st support.

The swing made a higher low and moved up to 71, over the next few days either it will continue to make negative divergences with the nifty or attempt to get back to the 90 mark where it may get overbought again.

  BANK NIFTY        
 TIME TREND  Up Level   Down Level
 Short term trend Up  33300 31570

Bank nifty started minor wave iii of iii of V. The smaller degree move points towards 33,300 whereas the larger Vth wave points towards 35,300. the lower end of the channel for the entire 3rd wave is at 31570 as the important support.

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