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	15576	14960

Nifty remains in minor wave ii which is developing an a-b-c correction where wave c may go down to 14,960 unless it is extended and dips further to deeper retracements. A 23.6% retracement of minor wave i is at 14,880, and 38.2% is at 14,640. The lower band on the hourly chart that 15,023. I, therefore, expect nifty to find support either at 15,023 or 14,960.

The hourly chart shows a downward slanting channel whose lower end is at 14,960 which should act as a support. If it breaks and the next swing low is at 14,882 followed by 14,714. On the upside breakout of the falling channel above 15,245 would lead to a resumption of the upper end towards the next channel line near 15,576

The swing moved up to 60 even on a down day which is surprising. It could mean that the decline in stocks slows down. A follow-up advance to the upside should be looked out for before coming to any conclusion.

BANK NIFTY
TIME	TREND	Up Level	Down Level
Short term trend	Up	38900	35067

Bank nifty closed positive and it may look like the two-day decline ended, but if prices to fall then the 23.6% retracement is at 35,067, and the 38.2% retracement is at 34,021. If prices breakout to the upside then we should head towards the upper end of the channel near 38,900