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Nifty Daily

22 Sep 2020 ‚óŹ 01:50 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 Up 11270-11443 11084

Nifty should have bottomed at 11084 at the lower end of the channel where c=a today, and we need a price confirmation on the upside to make sure the fall does not extend. A move above 11520 [61.8%] and a breakout of the falling channel above 11560 would both confirm start of wave 5. A close above the 40dema at 11280 would be the first sign of strength, and the 20dma is at 11443. A positive inter-market divergence emerged intraday where in the last hour bank nifty hit a lower low that was not confirmed by nifty. This kind of divergence often precedes trend reversals and is a positive sign.

The neckline at 11227 was a resistance intraday today. A move above it would mark start of a positive trend and attempt to go to the top trendline near 11560. Today's low of 11084 is a pivot holding which we have a bottom. If 11084 is broken it opens up a fall to 10882.

The swing was one point higher at 9 diverging from price action, a positive divergence. It should now bounce out of oversold territory.

  BANK NIFTY        
 TIME TREND  Up Level   Down Level
 Short term trend Down 22352  21027-20235

Bank nifty does not have any pattern to say that we have bottomed yet so we need to actually see prices reverse. The wave IV low point is 21027 and markets often bottom near this level after a correction in an uptrend. The 61.8% retracement mark is 20235. 50% retracement was done today so we can bottom in wave 2 down anywhere between now and 20235.

 

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