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Nifty Daily

30 Jul 2020 ‚óŹ 01:27 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 Down  11400-11600 10930

The correction that started today can stretch a bit on the downside for a day so I am not ruling out a dip to the 20dma at 10929. The decline is wave iv of 3 and wave v of 3 remains pending. So far iii=i has been achieved and v=i will be the next expectation. Unless we close below 10929 we should expect that to hold and a bounce back as see 3 times already. Recorded this video to explain this wave count. https://screencast-o-matic.com/watch/cYivIVEHmv 

Nifty broke the first channel at 11100 and below that the next reverse channel is near 10960. .

This has become a real bull bear fight with the swing falling to 31, once again making a lower top than the previous one compared to Nifty. This is the 4th negative divergence. Now it has not worked so I do not pay any heed. But this can a while to get the swing back near single diits.

  BANK NIFTY        
 TIME TREND  Up Level   Down Level
 Short term trend Down  22218  21210-21027

My lack of confidence in bank nifty is biting again. This time it might as well test the lower Bollinger band at 21210. As long as 21027 does not break this dip is minor wave ii down and a deep retracement of wave i. The daily momenttum is back at zero so that is done. We closed below the 40dema today.


 

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