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Nifty Daily

20 Jan 2021 ‚óŹ 06:35 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

Nifty made a new high raising the odds that wave 3 may still be extending and is not complete. I will go with this view unless the move up from the recent low of 14,222 ends up showing a corrective nature. In this scenario, we may be headed 1st towards the upper end of the channel again which is now moved up to 14,965. Momentum indicators have been whipsawing and therefore the 20-day moving average is working as a better reading level which is currently at 14,209. Once we move above 14,824 the little odds left offer corrective advance will also stand canceled.

Drawing a new channel from the December low, the bottom end is at 14,370 and the top end goes towards 15,050.

The swing continued higher 47

  BANK NIFTY        
 TIME TREND  Up Level   Down Level
 Short term trend Up  33100 31675

Bank nifty needs to get past 32,719 is a further confirmation that minor wave iii started and that we may be heading towards the top end of the channel at 34,280. The initial resistance will be at the upper Bollinger band near 33,111. The trading support is from the 20 DMA at 31,675

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