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Nifty Daily

25 Aug 2020 ‚óŹ 02:01 PM

LONG%

SHORT%

100%

0%

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 11536-11650 11246

Nifty to continue higher in wave iii of V which can take us to 11650. The next significant resistance will be near 11800. The higher bottom at 11289 is an important swing low to maintain the higher high higher low formation. The 20dma at 11246 is the trailing support and reversal level.

Prices fell back to the lower channel line at 11420 and found support near it to bounce back into the close. We should go toward the top end of the channel at 11650 or higher. The gap upto 11536 was almost closed. Once we surpass it the resistance has been overcome.

The swing dropped back to 41 and now lmaking lower highs and lows causign a possible negative divergence. It pushes us to pay attention to any form of risk that the market may show up. Cannot see it in price today but will watch out if something unexpected happens like a break below 11367 on hourly charts.

  BANK NIFTY        
 TIME TREND  Up Level   Down Level
 Short term trend Up  23211-25670  21974

Bank nifty was up over a percent and was stronger than nifty and midcaps as expected. It therefore holds up the hope that a market rally is at hand as financials pick up. Very close to the wave 1 high of 23211 above which we go to 25670 near the gap area. The daily momentum remains in buy mode and the 20dma is at 21974 as the trailing support and reversal level.

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