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Nifty Daily

28 Aug 2020 ‚óŹ 03:08 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 11860 11528-11315

Wave iii of V still going on with no sign that it ended. Extending beyond iii=i it is pointing to the 161.8% mark near 11860 next. The 20dma moved up to 11315. The hourly support is at 11580 at the 20 hour average that has held for the last few days. The daily momentum is in buy mode and nifty is rising with volumes so nothing to worry. A wave iv correction at some point maybe a pause but not an end to the move. 

Prices are still trailing near the lower end of the channel near 11570 and the top end is at 11800 and rising now.

The swing jumped up to 52, looks like the mojo is back, look for follow up. A higher high reading above 57 to start with.

  BANK NIFTY        
 TIME TREND  Up Level   Down Level
 Short term trend Up  25670  23400

The RSI ran up to 74.80 but not a level of concern yet. Key is completing wave v of 3. We are now in iii of iii of 3. The top end of the channel is at 27000. 3rd waves after leading diagonals are more powerful and that is what we see here. Intraday support is near 23780.

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