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Nifty Daily

28 Sep 2020 ‚óŹ 02:19 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 11346-11400 10790

Nifty bounced back to close just below the 40dema at 11235, and the next resistance to test will be the 20dma at 11346. Somewhere between these levels we may complete minor wave i and pull back for a few days in wave ii before continuing higher. We left behind a gap below 11099 and that will act as future support. 

Prices are just below the neckline of 11245. This neckline is for a possible H&S that was developing. A move above this level would then lead to an attempt to break out of the falling channel above 11500.

The Nifty midcap 100 index is attempting to break out of the falling trendline at 17515. This trendline comes from the 2018 top where the bear market in midcap stocks started and a close above it would signal a major trend change long term and confirm that the bottom is in and a new phase in midcaps has started on the upside. The swing shot up to 93 right into overbought territory. so that means we are getting close to the end of minor wave i for a pause. Implications of the swing are usually for a few days unless the waves suggest otherwise.

  BANK NIFTY        
 TIME TREND  Up Level   Down Level
 Short term trend Up 22270 20235

Bank nifty broke out of the falling trendline from the 31/08 top. This marks the start of wave 3 or simply wave 1 of 3. We do not know given the weakness in banking if large waves will form. Consider subdivisions. 22270 is the first cluster of resistance where the 20/40 day averages are going to coincide. We need to get past that to test the 22757 swing high next.

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