NIFTY UPDATE

NIFTY PRICE setup has to be reviewed after Todays Gap up! As posted yesterday, the low of 17,430 can temporarily pause the PRICE expansion on downside! The problem is coming from NIFTY BANK! If it fails to make a lower low this week then we might again see NIFTY consolidating and NIFTY BANK rising!
Level of 41,840 will hold a key, not only for (NIFTY BANK) but for (NIFTY) as well! The short term cycles are bearish for NIFTY, but not for NIFTY BANK as of today, MARKETS have to deal with an event on Thursday, That has added uncertainty to PRICE! Without an event we would had expected new lows for NIFTY below 17,430 till Thursday, because 22nd september is our next date for (VIBRATION TIME CYCLE)!
With an event we don’t want to limit ourselves with only 1 possiblity
We don’t have reasons to go long yet, we prefer to short this market again as long as NIFTY BANK stays under 41,840! This was only the reason, we posted last Friday, few things have happened and we are still waiting for few things to happen! So respect risk!