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Nifty Daily

13 Jan 2021 ‚óŹ 02:13 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  14950 14387

A lot of volumes today and despite intraday volatility, we managed to close positive for the nifty. The RSI then remains closer to 81 the overbought reading remains even as minor wave ii continues to point.2 15,000. Like I mentioned yesterday we may use a tight trailing level and the 40 are average is at 14,387 as the 1st support to watch.

Intraday sell-off brought nifty close to the lower end of the channel which remains the main support at 14,430 and the top end of the channel is likely to stretch towards 14,960 and coincided with the broader channel from the November bottom.  in other words, holding above 14,430 we should head towards 14,960.

The swing dropped to 49 continue in a lower low lower high pattern resulting in a negative divergence with the nifty. This is in line with the weakness in Midcap and also a repeat of what we have seen during to the previous rally is in October and November.

  BANK NIFTY        
 TIME TREND  Up Level   Down Level
 Short term trend Up  33300 31780

Bank nifty remains the stronger of the indices closing positive in minor wave iii of iii. which should 1st achieved 33,300 and above that continue to stretch towards 35,300. The lower trendline of the lows moved up to 31780

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