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Nifty Daily

21 Aug 2020 ‚óŹ 01:37 PM

LONG%

SHORT%

75%

25%

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 11500 11220

Nifty daily and hourly momentum is in sell mode at the end of the day. That leaves open a possible knee jerk reaction in markets down to 11250-11230 at least. That can complete a running triangle in wave iv and then we can start wave v up to new recovery highs. A deeper cut to 10980 is a outisde case but I am not sure of it.

The running triangle has two possible lines at work. One that says that one dip is all we need and the second one from the July high that says we will need down up and then down again inside this triangle before its complete. The second scenario would waste more time. Hard to say right now. Right now wath the 11433 resistance and then 11500 and on the downside 11250.

Back up to 55. But the top indicator here is one I was publishing earlier, a swing based on the 9ema of the momentum, more smoothed. But I found the raw data more useful for short term highs and lows in trading. the 9ema is good for the broader trend.

  BANK NIFTY        
 TIME TREND  Up Level   Down Level
 Short term trend Up  22522  21819

Surprisingly bank nifty is giving a very different signature. The daily momentum and hourly remain in buy mode. the moves can be marked as impulsive, so marked as i-ii-i-ii. Visually it looks like more ready to take off on the upside. A move above 22439 and 22419 the two highs for wave i would be a strong signal that a rlaly started and we are heading to above 23211. The upper Bollinger band resistance at 22522 needs to be surpassed as well.

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