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Nifty Daily

20 Aug 2020 ‚óŹ 12:14 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 11480 11212

If this was a major wave 4 correction I could change the direction reading to down. But this is minor wave iv. Secondly I am so far calling this a triangle. Some can argue that this is a ending diagonal at the end of iii and we should see a dip a little more down to the lower band at 10971. I have my eyes set on 11220 where the blue line is. If it breaks maybe we get 10970 but I cannot be sure of this as stocks remain strong. The broad market holds on. Volumes at the bottom have not expanded either way which also signals consolidation. Volumes rise when there is a trend. The day was a doji where the open to close was very narrow. A non event or lack of direction for the day even though lower than yesterday. A doji can be a pause within a trend, so if the low of the day breaks below 11289, that itself will signal that a move down to 11200 or lower is coming along.

Nifty moved down back into the previous triangle zone. We can draw a new trangle line around it as well. The gap above 11361 is the key resistance from where we can go to the lower line near 11220

A negative divergence in the swing as the higher high in nifty yesterday has left a lower high in the swing indicator. The swing fell to 45 today.

  BANK NIFTY        
 TIME TREND  Up Level   Down Level
 Short term trend Up  22604  21500-21182

A doji star where the open and close are almost equal is seen here. A move below today's low of 21886 would see us down to 21500 again. In cae of a panic reaction 21182 is the lower bollinger band as the lower extreme support as of now.

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