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Nifty Daily

17 Aug 2020 ‚óŹ 01:18 PM

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 11400-11600 11182

Nifty held above the 11182 [20dma] and 11111 [Friday's low]. So the preferred view is that we are forming a running triangle in wave iv with the top end at 11400 to be reached again in wave d and wave e would retest the trendline near 11200 one last time to complete the triangle formation. Once complete wave v up to higher highs will unfold. The chart below shows the candlestick formations and today we formed a Bullish Harami cross pattern.

Nifty is consolidating below the 78.6% mark and 10433 gap area. Once that is surpassed we head to 11600 or higher. On the lower side below 11111 next support is 10882.

The swing driven by midcap stocks pushed higher to 50.

  BANK NIFTY        
 TIME TREND  Up Level   Down Level
 Short term trend Up  23211  21344

Despite the intraday volatility bank nifty closed positive and end of day does not change any of the previous wave markings. Wave 3 maybe in early stages of starting with minor wave i and ii done at almost 78.6% retracement [21344]. Holding this watch out for wave iii up to unfold that should go above 22439 and head toward 23211 eentually.

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