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Nifty Daily

18 Aug 2020 ‚óŹ 10:41 AM

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 11401-11600 11182

We are back at 11400 the top end of the running triangle in wave iv. If this is a triangle then one last push lower to 11200 is needed to complete the pattern [abcde-for triangle], but looking at the price action it feels as if Nifty wants to just breakout of the top end tomorrow. The only thing that can hold it back is some news event like the spectrum verdict possible today, or something specific in that for RIL for the 9 circles that were in trading use with Jio. Its that or nothing. Once we breakout above the Bollinger band at 11411 and the gap zone above 11433 we are off to 11600 next. But on a larger degree this is wave v of 3 where v=i goes to almost 12700-13000.

Nifty touched the trendline of the last two highs exactly at 11401. It has to sustain above that for a breakout to new highs, else the next move could be back to the lower end of the triangle near 11200 before a meaningful rally. Right above 11401 is the gap area near 11433. The immediate swing low is at 11291 and a move below that would mean that the decline to the lower end of the triangle is occuring. Till it holds odds of a upward breakout are open.

The continued higher on the back of strong breadth. The swing has moved from a series of lower highs to higher lows. Now at 64 and rising.

  BANK NIFTY        
 TIME TREND  Up Level   Down Level
 Short term trend Up  23211  21403

Bank nifty went past the intraday 61.8% retracement of the last few days fall to close above the 20dma, all of which is indicative of its wanting to carry the next move in the markets higher in wave 3. This reduces the odds of going back to 21000 significantly. Next above 22439 [wave i swing high] then we should also surpass the 23211 swing high for wave 1. Overall 3=1 is near 28500

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