Nifty Daily

 

LONG%	SHORT%
92%	8%

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	15190

Nifty is in the early stages of minor wave iii and is anticipated the speed is slowing down, on intraday we are finding support near the 20-hour average which was at 15,266 today, and ended up holding out. Short-term traders may use that as a trailing level as of now. Prices may continue towards the upper end of the channel near 15,573 or the upper Bollinger band which is moved up to 15,660.

Prices are advancing slowly thus not really holding onto larger trend channel lines like the one from the January bottom. Shorter-term for stay above 15,240 we should head towards 15,535 and above that 15,660.

The swing continued to decline today probably because the breath was poor where more stocks declined compared to advances.

BANK NIFTY
TIME	TREND	Up Level	Down Level
Short term trend	Up	38800	36367

I have marked a move up as i-ii-i-ii however given the large size of the 1st wave it is also possible to mark this as i-ii-iii-iv, where the 1st wave is the largest and the subsequent moves will end up being relatively small. Thus if we complete a 5 wave move in bank nifty it might be just wave 1 of 5 and we may then pullback in wave 2 of 5 before going higher. In either case, it requires one more push higher maybe towards the upper channel line closer to 38,800 before we complete a 5 wave sequence.