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Nifty Daily

14 Jan 2021 ‚óŹ 02:48 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  15000 14482

The nifty made a higher RSI at 81.40 than seen at all the highs since October. This makes the market relatively overbought and so we continue to trail with a tight level which is currently the trendline at the bottom from the December low at 11,517. The lower Bollinger band is at 14,482. Elliott waves show a final v of iii up pending before some short term pullback in wave iv, on hourly charts.

The trend channel as a support at 11,514 and the top end at just over 15,000

The negative divergence and the swing continues to keep pressure on the broad market even though the MidCap index closed positive today. The declining swing shows a loss of momentum in the market internals as of now but not confirmed by a decline in price

  BANK NIFTY        
 TIME TREND  Up Level   Down Level
 Short term trend Up  33300 32221

Unlike Nifty, Bank nifty is only at 74 RSI reading and not that overbought. The wave structure shows either a truncated 5 wave pattern coming to an end, or multiple extensions about to explode on the upside. Either a break below 32,221 should lead to weakness or we should see higher highs above today's high of 32,719 in the trend towards 35,000

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