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Nifty Daily

30 Sep 2020 ‚óŹ 03:00 PM

LONG%

SHORT%

42%

58%

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 11321-11400 10790

On the last day of the month, Nifty managed a marginally higher closing even as we closed negative month over month. That marks the 4th wave. Now wave iii of 5 may have started today or will do so once we surpass 11305. once surpassed we should test the 61.8% retracement mark at 11400 and above that the channel breakout point at 11480.

The trendline chart shows a possible downward channel that can take Nifty down to 11175 before we go higher. But as discussed in the video sometimes the 20-hour average propels prices higher anyway. We will have to see that tomorrow. If we open above 11305 then this dip is out.

Down to 81 now. Will look for negative divergence in the next market rally.

  BANK NIFTY        
 TIME TREND  Up Level   Down Level
 Short term trend Up 22056 20235

Bank Nifty made a higher low at 21128, now we watch out for a higher high above 21811 as the first sign of an uptrend. 22056 is the cluster of the 20/40 day averages that we have to then close above. Yes, the daily momentum crossed over to the buy-side so that is one confirmation of the up trend in bank nifty starting wave 3 up.

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