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Nifty Daily

29 Jul 2020 ‚óŹ 01:52 PM

LONG%

SHORT%

92%

8%

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  11400-11600 11056 

Nifty could not hold above the 11240 level meaning that wave ii might still be forming either as a running flat or expanded flat. In the first case we maybe near the bottom today and in the second we can dip again to 11050, near the trendline/channel from the June bottom. The 40 hour average at 11170 is the immediate support. A move above 11245 and 11309 would be both bullish indications. We are looking for wave iii up to start. A more optimistic wave count is shown on the chart, today's dip was wave ii of iii. A small pause in the progress of the market.


Two immediate swing support levels are at 11113 and 11087 and then the trend channel line at 11050. What holds will give us an idea about the correct wave count.


The swing moved up to 60, the chart below is the swing of the 9dema of the momentum. Both are still rising today as breadth was positive. Midcaps held out as Nifty was down.


  BANK NIFTY        
 TIME TREND  Up Level   Down Level
 Short term trend Up  22228-23213  21611-21027

Bank nifty did a small pullback, which on daily charts appears small but it is a 61.8% retracement of yesterdays advance, so just maybe it is just minor wave i and ii of the next move up. If we hold the low of 21906 then the move up can continue. Even if we do not fall below 21611 we can make higher highs and lows as in a trend. So we just have to wait and watch the progress as the daily momentum is almost near zero and the 40dema is the support at 21696.


 

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