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Nifty Daily

19 Feb 2021 ‚óŹ 04:35 PM

LONG%

SHORT%

58%

42%

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  15431 14898-14774

Breaking 15170 changed the trend. Now I need a positive close to confirm that wave II completed an expanded flat. So it is one thing to feel we have the bottom today but another to confirm it further with a positive close. Then we go to indicators. That is position sizing as an every-day task and reflected in the Long/Short % above. So after 4 days of decline, we are still a little away from the 20dma at 14774 and rising. A break of 14898 could get us there. Else we bounce off from today's low and start wave III now. The final picture will be known only after a reversal. But many stocks are back to 20dma support and that is a good reason to bounce.

Else we bounce off from today's low and start wave III now. The final picture will be known only after a reversal. But many stocks are back to 20dma support and that is a good reason to bounce.

Nifty completed a 23.6% retracement, and when slightly below the swing low of 14,977 before bouncing back to close above it. Monday either we survive this level and head higher or go back to the next support at 14,882. On the upside, the falling trendline from the top is at 15,138 and a breakout above that should be the 1st signal that the trend has changed from down to up in the short-term.

Nifty completed a 23.6% retracement, and when slightly below the swing low of 14,977 before bouncing back to close above it. Monday either we survive this level and head higher or go back

The swing declined to 34, not oversold but waiting for the trend to change.

The swing declined to 34, not oversold but waiting for the trend to change.

  BANK NIFTY        
 TIME TREND  Up Level   Down Level
 Short term trend Up  37708 35428-34720

Bank nifty retrace the little more than 23.6%, and is very close to the previous swing low of 35,428. If it bottoms year it could be marked as a running flat in wave 2. If it breaks 35,428 then a test of the 38.2% level at 34,720 may be possible. 

Bank nifty retrace the little more than 23.6%, and is very close to the previous swing low of 35,428. If it bottoms year it could be marked as a running flat in wave 2. If it breaks 35,428 then a test of the 38.2% level at 34,720 may be possible. 

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