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Nifty Daily

27 Aug 2020 ‚óŹ 01:28 PM





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

A slow and steady advance in wave iii of V up is all we can call it with the minimum projection of 11640 and in case of extention 11860. trail the move with the daily pivot or hourly averages to manage risk. Expect rotaion out of midcaps and into banking and large caps as nifty gains momentum again. The NSE midcap index RSI at 83 is concerning for cash stocks but not across the board. Even a small 1-2 day dip would get us out of overbought zone. On the other hand I continue to expect the metals index to correct. 

Nifty is near the 20 hour average at 11524 and the lower channel line support is at 11524 as well. Expect it to bounce off this and head to the top channel line near 11780.

Swing drops to 35 and has been declining against the market. Maybe it is signalling what I am saying about the broad market, a divergence in stocks or mid and small stocks. The swing indicators covers 143 F&O stocks in the calculation.

  BANK NIFTY        
 TIME TREND  Up Level   Down Level
 Short term trend Up  25670  22138

Bank nifty contninued higher for a 5th day and the RSI is at 68. This is clearly not overbought, not even close. So the rotation into banking goes on. A one day pause cannot be ruled out but hard to predict either. So now that we are above 23211 and minor wave iii extention level at 23600 the next major resistance is at the gap near 25670.

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