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Nifty Daily

23 Feb 2021 ‚óŹ 01:53 PM

LONG%

SHORT%

58%

42%

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  15140 14509

Nifty has support from the rising 40dema at 14509. Another day in this trading range and the daily momentum indicator will be back at zero. We are in the process of bottoming here I think and the move higher should resume soon. This market is best described as one in rotation. The US is seeing money go out of tech/growth into cyclicals/value/inflation. We are seeing cyclical sectors that were in the value zone also outperform even as the Nifty dips. None of that justifies the falling nifty but that the eventual trend higher should resume. Other sectors have a low weight in the main index because they were removed earlier when the cyclical were underperforming. This is all part of the herding process at scale. Index managers by removing losers and adding winners are playing to the herd. This is because a winning stock is 'winning' because of its past performance, not future.

This is all part of the herding process at scale. Index managers by removing losers and adding winners are playing to the herd. This is because a winning stock is 'winning' because of its past performance, not future.

The falling trendline on the hourly chart is at 14930, A breakout above that would be a trend reversal from down to up. A faster reversal level may be the 20 hour average at 14840. An hourly close above that and holding above it should be a bullish sign.

The falling trendline on the hourly chart is at 14930, A breakout above that would be a trend reversal from down to up. A faster reversal level may be the 20 hour average at 14840

The midcap index has not fallen as much as the main indices and closed positive and remains above the 20dma below. The swing came in at 25, higher than yesterday. 

The midcap index has not fallen as much as the main indices and closed positive and remains above the 20dma below. The swing came in at 25, higher than yesterday. 

  BANK NIFTY        
 TIME TREND  Up Level   Down Level
 Short term trend Up  36780 34906

Bank nifty did not join nifty to close positive but closed very near the 20dma at 34906. Holding above it wave III of 5 up should start from here.

Bank nifty did not join nifty to close positive but closed very near the 20dma at 34906. Holding above it wave III of 5 up should start from here.

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