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Nifty Daily

26 Aug 2020 ‚óŹ 11:55 AM





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 Up 11640-11800 11289

Nifty broke out of the intraday trading range discussed in the video to a new high pushing hourly momentum back into buy mode. Along with the daily chart that keeps us extending in wave iii of v. 11640 is the minimum expectation. Above that 11800. We filled the gap between 11433-11536 today and closed above it so that is one hurdle overcome. The daily momentum is in buy mode and till we complete wave v in five waves the trend is up and bullish.

Nifty dipped in the first half of the day to take support on the rising channel line a second time and should now head to the top end again near 11750. The lower end support is at 11480.

The market was up and breadth was strong so a lower reading of 38 is confusing as of now.

  BANK NIFTY        
 TIME TREND  Up Level   Down Level
 Short term trend Up  23600-25670  22040

Wave iii is extending and at 23600 will be 161.8% of wave i. So the move can keep extending till it does not. The next important level is the gap zone at 25670. The 20dma moved up to 22040.

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