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Nifty Daily

21 Sep 2020 ‚óŹ 12:10 PM

LONG%

SHORT%

42%

58%

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 Down 11470-11535 11185-11000

Nifty closed below both the 20/40 day averages and daily momentum went back into sell mode. All on the same day. Such knee jerk reactions do not always last. Still closing below the 40dema at 11280 we have to remain open to the idea that a drop to 11000 is not ruled out. if somehow 11185 is protected then wave 4 maybe developing into a triangle and the dip today is wave c of a triangle. Once wave 4 is complete, wave 5 up is next.

Trendline from 11111 was touched at 11218 as support today. Below that we go down to the next parallel channel near 11050. if 11218 is held we go back to test the falling trendline at 11535.

Down to 8, right into oversold territory so we are either at the bottom or will get there tomorrow short term at least. These readings work most of the time except in a free fall. This marks wave c completion when it does.

  BANK NIFTY        
 TIME TREND  Up Level   Down Level
 Short term trend Down 22414  21182-20235

Bank nifty may move from retracement to retracement. 50% at 21182 and 61.8% at 20235. the 40dema is at 22414.

 

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