Since the start of December we had been advocating the Importance of the low which was made on November 29th. Going forward that’s still relevant. As far as Time is concerned that low of 16782 holds the Key for a move till 17950. In case that breaks then the entire structure has to be Re
Calculated. Ideally it should not break but never say never in Markets. A daily close below 16782 would open ways for very Sharp and Deep Cuts in Coming days. Let’s not discuss on that now.
The Quarterly support for NIFTY is placed in the zone of 16500/16700 on spot. Don’t want to make it complicated naming various Gann Patterns. As a Trader you just need to watch NIFTY in this range. If 16500 breaks on Closing basis then it won’t be appropriate to project any Targets on downside. Last week was a Time Heavy week so we were more watchful. Even Though we got a Pattern breakout on Monday we still preferred to chase short term Cycles. And we got desired results following that. This week also is a Time Heavy week so would continue to follow the same process. Better not to commit large positions on either sides. Defenetly not in Futures. Personally would continue to hold my cash positions. If you had continued to follow my Posts. Several times in September I advised strongly to have decent amount of liquidity in portfolio that Time is coming close to deploye a portion of that cash. It’s still a bull market correction make no mistake on that. We are yet to see the final last move on upside. Before we end this cycle.
Coming back to short term now. As mentioned on Friday NIFTY first has to cross the level of 17260 on spot. Which is a Triangle Point. Don’t get confuse these points won’t be visible on charts
The short term setup would get stable only above 17260. As far as NIFTY stays below this point it stays under a strong Trend on downside. We expects a strong Trend reversal only above 17440 on spot. NIFTY BANK also looks week
In coming days it has to sustain above 37100 on spot. 1000 to 1200 points move on NIFTY BANK should be considered normal. Interestingly the setup of DOW is a Shade better then NIFTY. IF DOW holds level of 35000 in this week then it would hold other markets including INDIA from going down further. Below 35000 DOW also would turn week for short term. Other Major Markets in the world are more or less on same Page having near term setup Neutral to Negative. Would leave it here for now with a peace of advice. For this week avoid preempting the Market let the Market make its first move. And then chase it.
gann,insides 