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Nifty Daily

29 Sep 2020 ‚óŹ 12:02 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 11334-11400 10790

Nifty closed marginally lower in minor wave ii which is either complete today or if we drop below 11,160, we could see a 38.2% retracement closer to 11,100 before minor wave iii starts. In the next move up we need to overcome the 20 DMA at 11,334 on a closing basis. 

I have drawn a small falling channel in case prices dip towards the lower end near 11,170. A move above 11,305 near today's high should mean that the next leg up towards 11,485 has started. Above 11,485 he would break out of the falling channel.

The high swing had the impact of causing the market to pause, now its a matter of time 1-3 days. Usually, after a pause, the trend should resume higher.

  BANK NIFTY        
 TIME TREND  Up Level   Down Level
 Short term trend Up 22150 20235

Bank nifty completed a 38.2% retracement today, and the 50% mark would come in at 21,150. This should include minor waves i and ii. Next, we should attempt to get above the moving averages cluster at 22,150.  the daily momentum is also coming close to the point where it can cross over to the buy-side just as wave iii starts.

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