MARKET UPDATE

What a week for NIFTY and NIFTY BANK. Whatever we call this rally. Relentless, gigantic or Uforic several words in Oxford Dictionary to describe the momentum which we witnessed this week. But surely a week to remember for a Long Time. It’s very tough to control yourself to wait patiently for Markets to break its supports to initiate short trades. But you have to keep waiting until Markets provides the Primary Indication of breaking down. Earlier in this month I shared my view which was highly conscious mainly on NIFTY and we preferred to avoid chasing NIFTY on Long side even if it went on to test 17800. Well we almost tested that level in Morning but as far as view is concerned it’s still extremely conservative we weren’t comfortable at 17400 so its but obvious that at 17800 we have our worning bells ringing. On NIFTY BANK yes we expected it to complete its unfinished business of hitting it’s all time high. It did that during this week. Going ahead we increase our consciousness to NIFTY BANK as well. And on entire F&O space. The easy money which has been made since the start of this month should be secured. The effortless gains doesn’t lasts long. As far as our cash positions are concerned we have hedged that equally with DECEMBER puts. Coming to the supports now 17550 is the nearest support on spot. Could reduce the long positions below this level. Below 17550 NIFTY could test 17400 and 17220 in coming days. On time front I clearly mentioned earlier in the month. That the week starting from 13th of Sep would be very critical for Indian as well as Global Markets. Global Markets this week were finding opportunities to break supports. And on Phlip side Indian Markets were Trading in there own world. To keep things simple just mark the lows of this week to get first signal of Trend Reversal on all major Indices. Next week would be equally Important where we have an Equinox along with 2 Vibration dates. Take care and stay careful friends.