NIFTY Overview

Last week we shared the Possiblity of NIFTY testing levels closer to 17,700 on spot: above 17,450. On Friday NIFTY tested 17,700. So the smaller degree move is completed. 17,700 is an approx ratio of extension so market may cover 144 points of distance further. But time have came to turn bit conscious on Long Trades. Better to focus on Pattern supports to look for shorting opportunities. For NIFTY the Pattern support stands in the zone of 17380-17,540 on spot. Once this zone breaks this market would turn lower and could test levels of 17,225 and 17,050 on spot in short-term. On TIME front Monday is a pattern date which we discussed earlier. Other then that wednesday and friday would be TIME CYCLE days for this week. This week also would complete 3.5,weeks of counter move from March lows on NIFTY. So Mark-down the High and Low for this week. Once NIFTY sustains below this weeks low that would signify our broad view on markets. There are several points which we would like to mention but for now would skip that part. Would share those points in detail once tied turns for this market. That would be more appropriate. Watch markets closely for this week. And focus on support zone which has been shared above. Act wisely once the support orbit breaks.