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Nifty Daily

19 Apr 2021 ‚óŹ 02:30 PM





Position Sizing model - Long % = percentage of indicators bullish v/s Short % = number of indicators bearish, Including both daily and weekly time frames.

 TIME TREND Up Level   Down Level
 Short term trend Up 14675-14880 14190

Nifty made another lower low since the March top which should be part of the correction that is about to end. Wave 4 down is about to end and wave 5 will break out of the falling triangle pattern above 14845. Today's decline only extended wave e of 4 the last stage of a triangle pattern. The RSI has made multiple bottoms near 40 which is working as a support. The moving averages near 14670 are the immediate resistance.

Monday gap-down openings have become a habit. The gap itself creates resistance zones. This one will go up to 14585, which is also the falling trendline from the 14984 high. So a move above 14585 is the first breakout of the downtrend. And above 14845 is the second and major breakout.

The swing dropped to 11 ending the positive divergence considered earlier but if we turn up from here we will still have a positive divergence from the 14557 close made on 18-03. An 11 reading is close to extreme oversold readings that we get below 10. 

  BANK NIFTY        
 TIME TREND  Up Level   Down Level
 Short term trend Up  32886 30400

Bank nifty fell below last week's low extending wave z to a lower low, but well within the region for wave 4 to end. The long-term channel is broken but wave 4 often gives a false break down from a channel only to recover back above it so we should go back above 31470 and that should put us inside the channel trendline and in a bullish trend for wave 5 up. The 20dma at 32886 is the first resistance.


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