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Nifty Daily

25 Sep 2020 ‚óŹ 01:07 PM

LONG%

SHORT%

25%

75%

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 11137-11235 10790

10790 is now the pivot for wave 4. The hourly chart shows a clear 5 wave advance from this low as the first clear sign of a trend reversal. Unless broken we are heading higher for now. The 40hour average at 11137 should be overcome next to set the stage for 11400. 11235 is the 40dema. 

Broke out from the falling trendline which is now at 10900 as support. Closed inside the falling channel with support at 11010. The neckline at 11250 to be overcome next.

The swing moved to 36, now we watch for the follow-up trend.

  BANK NIFTY        
 TIME TREND  Up Level   Down Level
 Short term trend NA 21365 20235

A close above 21365 maybe helpful in concluding that wave 2 down for bank nifty is over. Till then it is hard to say yet that the final low is in place because we cannot yet see a 5 wave up move on hourly charts. Leaving this open till further confirmation.

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