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Nifty Daily

31 Jul 2020 ‚óŹ 01:49 PM





Position Sizing model - Long % = percentage of indicators bullish v/s Short % = number of indicators bearish, Including both daily and weekly time frames.

 TIME TREND Up Level   Down Level
 Short term trend Up  11433 10952

Nifty fell as expected but not as far as it could have. So leaving open any monday surprises I do think most of the decline is done here. So I am changing the trend to up again with the 20dma at 10952 as the key support. So we have either bottomed or will do so at or higher than 10952. And that ends wave iv of 3. Then we get wave v of 3 that even if equal in size goes beyond the 12000 mark. In the short term however the first resistance will be the upper band at 11385 and the gap at 11433. The chart also shows that the daily momentum is bottoming each time at this same level. So we are back there.

Nifty went a little below the trendline from the March low but if we use a reverse channel of the hishs for wave 3 then we get a lower line at 10995 as the key support. So between now and 10995 we should bottom and head higher again.

The swing moved up to 42 again and the thing to watch out for now is follow up and a move beyond the lower highs see for the last two months..

  BANK NIFTY        
 TIME TREND  Up Level   Down Level
 Short term trend Up  22207  21027

Bank nifty continued lower but did not touch the lower bollinger band exactly at 21180. We have either bottomed or will do so near that level. POnly a breako of 21027 would change the wave count. so we are very close to the point from where wave iii of 4 up should start and go beyond the high of 23211. The immediate resistance is 22207 at the 20dma.

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