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Nifty Daily

23 Mar 2021 ‚óŹ 03:21 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 Down 14960 14314

Nifty is back at the 20dma below 14900. So between now and 14950 we should reverse to the downside if this was an 'x' wave. Else we have to rethink this whole affair. The daily momentum remains in sell mode. The bounce is 3 waves so far and looks like a pullback to the broken channel line from the Sept bottom. The next leg lower from 14900 will go back to test 14314 and the orange channel line from the May bottom at 14196.

The hourly chart shows an overlapping structure that is still corrective in nature and the last bit is like a rising triangle in wave c so a break below 14765 would break the lower end of the triangle and 14707 the immediate swing low. Then we should start a decline again toward 14494 and 14350.

The swing at 66 is only marginally higher.

  BANK NIFTY        
 TIME TREND  Up Level   Down Level
 Short term trend Down  34488 32800

If I use the same count on bank nifty as Nifty then the triangle on the hourly chart is an x wave. The triangle appears complete and any move higher would break out on the upside, so if this is an x wave we should start down from here itself with the 40dema at 34488 as resistance and wave z down to make an attempt at filling the gap till 33305 and below that 32800 near the 61.8% mark.


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