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 went past last week's high of 15,257, starting minor wave iii. a move beyond 15,366 should fully confirm this and indicate that we are headed to 15,600 and higher. I have changed my markings at the Jan top as wave 1 and the Jan bottom as wave 2 in line with this expectation that a new impulse wave has started unless proven otherwise. A move beyond 15,366, should dispel all fears. Bank nifty has already surpassed the equivalent level.

A new channel to guide the way forward. The smallest one goes up to 15,530. The 2nd one from the November bottom has its top end at 15,630. Once we breakout above the 2nd channel then the channel from January's bottom goes all the way to 16,600.

On Friday the swing was up even as the nifty was down, and today the swing is down to 48 even as the nifty is up. It reflects a concentrated move in one sector that is still to gain support from others. The move has to become broad-based for the current rally to go on.

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

On Bank nifty, there is little doubt that wave iii of 5 has started on the upside. The move might face some resistance at the 1st channel near 38,860. If that is surpassed, then we continue to head towards the point where 5 = 1 which is at 44,000