MID WEEK UPDATE

Yesterday was an Important date for NIFTY and NIFTY BANK. So Yesterdays low would be a reference point for further direction according to TIME. A daily close below Yesterdays low would Intensify the momentum on downside. Until that happens market is looking stable for short term. On Price front we tested the level of 17400 as expected below 17550 on NIFTY. The price still looks overstretched so no point chasing that on upside. 17650 is an Important Geometrical Point expect some rally above this Point on Spot. If this level is not crossed then we might again retest 17440 on downside. Many of my Frends are concerned on MARKET not breaking down. Need to understand a logical fact guys there is a Technical Process which until not completes the next move doesn’t unfolds. 17200 and 36000 are very critical levels to watch on downside on NIFTY and NIFTY BANK respectively. As long as these levels are protected bulls have all the reasons to keep there Hope’s high. Lastly A word on INDIA VIX keep a close watch here above 18.50 it would give a massive breakout above this level.