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Nifty Daily

19 Aug 2020 ‚óŹ 12:34 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 11401-11600 11200

Nifty made a higher high finally but staying below 11460.40, the days high and the hourly momentum turned to the sell side in the last hour. What that means is that unless we get past this high wave iv might still be in formation and one last dip to 11200 is not ruled out before we see higher highs. If we go higher than 11460.4 then wave v toward 12000 has started already.

Nifty closed just above the trendline of the last two highs at 11408 and the next swing low below it is at 11291. We tried to fill the gap between 11433-11536 could not sustain it. Need to get into filling the gap for higher highs.

The swing moved up to 66, not yet overbought.

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

Not much change here as we did not go above the wave i high yet at 22440. If wave iii up has started we should. Else a retest of 21500 once more remains on the cards till we see a clear impulsive rally on at least hourly charts. Impulsive means 5 wvaes up.

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