MARKET UPDATE

NIFTY broke 17,400 and 17,200 yesterday. Which was the most important support for NIFTY. As I mentioned in past below 17,200 was a safest zone to go short without any if or a but. This time more then price patterns the TIME FACTOR is more active because from December lows this week is the 7th week. NIFTY has completed the pattern target today. Those who understand HARMONIC PATTERN they are aware on it. Going forward NIFTY can still test 16,950 and 16,840 on spot. Texture is clearly sell on rallies. Counter moves would be there but they would find it tough to sustain on higher side. There is clear discomfort on higher side. The break of 17,200 have much severe consequences the impact of which would be felt in coming days. There is a high probability for NIFTY to revisit its december lows. But before that 16,800 is the ultimate support. So do watch,out whether it holds or not. Before I finish this post, would like to mention specifically on INDIA 10Y BOND if it sustains above 7.0 then it would trigger unwarranted fall in markets. For me INDIA 10Y is going beyond 7.30 in few quarters if that happens then forget 16,000 even 14,000 won’t be protected on NIFTY. AND IF YOU Connect the master time cycle the belief gets even stronger. More on that some other day. For now keep a close watch on (BOND MARKETS).