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Nifty Daily

16 Mar 2021 ‚óŹ 02:32 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 Down  15336 14800-14300

The nifty remains below the 20 day moving average at 14983, and sold of intraday from the 20-hour average. The daily momentum remains in sell mode. The preferred wave count is w-x-y, where wave y is subdividing into an a-b-c decline on the hourly charts. Staying below 14,983 we should continue lower towards the lower band at 14,592 and below that the 61.8% retracement mark near 14,300.

The swing highs near 15,050 are acting as a resistance level, and once the downward trend accelerates, we can draw a downward channel for this move.  If prices somehow bounce back higher then we can draw an upward channel for the bounce from the low of 14,745.  Breaking this rising channel would then result in the next leg downwards later on. The major trend channel support is at 14,780 below which we could end up at the lower end of downward slanting channel at 14,390

The swing declined to 41, and we need to see whether it makes it back to oversold territory again.

  BANK NIFTY        
 TIME TREND  Up Level   Down Level
 Short term trend Down  36500 34000-33760

Banking remains the weakest part of the market and the bank nifty is very close to the 40 day average near 34,600. Below that the falling channel comes in at 33,920. Lastly, a decline to 33,300 would fill the gap made on 2nd February, after the budget.


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