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Nifty Daily

26 Mar 2021 ‚óŹ 01:50 PM

LONG%

SHORT%

33%

67%

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 Down 14826 14280-13600

Nifty bounced back in wave b and achieved a 50% retracement of wave a. Wave c down should take us towards the 13,600 mark. A move above 14,650 could raise doubts on this interpretation, as we are very close to the orange trendline at 14,260. This trend channel starts from the bottom made in May 2020 and a break would be the 1st signal that the upper trend has halted for the time being.

Nifty broke out of the downward channel and is attempting to move higher 14,600 is the 1st resistance followed by 14,675. Above that the next swing highs at 14,908.

The swing went up to 34 and it may appear that we have a positive divergence compared to the nifty. Thus breaking below 14,264 is necessary to end the positive divergence. The divergences indicative of a short-term bottom, and the possibility of further upside.

  BANK NIFTY        
 TIME TREND  Up Level   Down Level
 Short term trend Down  34360 32750-29687

Bank nifty retrace 61.8% of the last 2 days decline, in staying below 33,600 fits with the wave b interpretation marked on this chart. Wave c down should continue towards the reverse parallel channel line near 31,225,  or the budget swing low close to 29,700.

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