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Nifty Daily

19 Jan 2021 ‚óŹ 01:53 PM

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  14824 14222

If something completed at last weeks high maybe it was wave 3, but it is also possible that wave 3 extends again another +4 waves so leaving the trend open to the upside and we will see the internal waves of the recent advance to decide what is the best outcome in the coming days. For now, expect a retest of near the high of 14653. If that is crossed then 138.2% of the decline up to 14824. Once we confirm wave 3 as done we can expect a consolidation or correction with a downside of near 14000, but some more confirmation needed. 

Nifty crossed the falling trendline, and the next swing high is at 14617 as the next resistance. then 14653. The trendline of the highs goes as far as 15000.

The swing is back at 35 out of the oversold zone, now we need to watch out for follow up action. 

  BANK NIFTY        
 TIME TREND  Up Level   Down Level
 Short term trend Up  33200 31381

The two-day correction was not 5 waves on hourly charts so mostly wave ii of 5 is a better outcome. We also held the trendline support but also the 20dma which is key at 31530. So till we are above the averages momentum indicators can whipsaw both ways as seen before. Minor wave iii points to above 35000. Again if this is not wave ii but 5 ended then the bounce should end with a corrective move in the internal wave counts. We will not if that is true in the next few days. If so then we can expect a consolation before a rally. But as of now stick with the positive bias till new information comes in.

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