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Nifty Daily

17 Sep 2020 ‚óŹ 11:54 AM

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 11655 11383

On the daily chart there is no reason for concern. 11465 is the 20dma support and we closed above it again after all the intraday moves. The close was higher than the open, what we call a positive real body in the language of candlesticks. Daily momentum remains in buy mode. So wave 5 is still on till 11383 is not broken and the wave count marked as i-ii-i-ii shows early signs of extention in the waves.

The 11535 channel support broke. So either we have a wedge like triangle for which we need to breakout above 11550 and if prices fall further then the reverse channel line at 11454 is the final support.

Back to 46 no divergences or overbought reading so does not tell us much.

  BANK NIFTY        
 TIME TREND  Up Level   Down Level
 Short term trend Up 23000  22028

Bank nifty hourly charts do not show any clear pattern. Daily charts completed 5 waves down at 22028 holding which wave 2 may have completed a running flat. We will wait for more confirmation from price and indicators.

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