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Nifty Daily

24 Sep 2020 ‚óŹ 12:57 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 NA 11081 10670

Nifty fell below my channel and 10882 level to the 40 week average so tomorrow is a test of weekly averages as support. My view does not change on wave 4 even as wave c = 138.2% of wave a in this correction. Nifty remains oversold short term with RSI near 30. The 20 week average and 38.2% retracements are together at 10670 odd as the next important level. A move above the 20 hour average at 11081 would be the first sign of strength. Waiting for wave c to complete and wave 5 to start. Today's expiration should have been a capitulation. Will look at sentiment data once it comes and post chart seperately in the morning.

nifty opened below the channel line and wave v of c low considered yesterday. Breaking it wave v extended into 5 waves again into today's low as shown below even as it broke 10882. The next reversal upwards intraday should give us another pivot for wave v down to complete and wave c to end. The channel trendline resistance is at 11030

This is not March 2020 free fall. Then the swing at 4 and the average swing at 6 on expiry day is screaming out loud as extreme oversold. The 9 day swing is at its lowest since 18 March 2020.

  BANK NIFTY        
 TIME TREND  Up Level   Down Level
 Short term trend Down 21072 20235

Bank nifty continued lower belo9w 21000. 61.8% retracement is at 20235. Will it hold or we go to c=a near 19800. A move above the 20 hour average at 21072 would be the first sign of strenght coming back.

 

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