NIFTY UPDATE

NIFTY, printed 17,600 the level we thought best on last Friday! 17,450-17,600 was a perfect zone to project the pullback area! Now when we have done that, focus will shift to, where this pullback actually ends! And once it ends, there would be an easy short trade!
But will wait for conformation! I will come out of my longs, but will not go short yet! Not in FUTURES atleast! And when the conformation will come?
That will come when, market closes below todays low! That we will see, going forward! I mentioned this in past! That this is just a bounce, nothing beyond that! There is no case for mean reversion!
Whenever markets recover from lows, traders get very exited! The joy moves around like we have achieved something! Markets will go up and down, better to trade them tactically! We are in a (BEAR MARKET) for global equities! And that’s a fact!
You may argue that INDIA has not fallen substantially. But it doesn’t mean that, downside risk has gone away! We still have plenty to do on downside! I have put minimum projections of 14,400 on (NIFTY)!
Which is still pending!
Frankly I wait for markets to go up! To remind these points again! I don’t like to put these things at 16,900! For those TIME STUDENTS searching for answer, why NIFTY is holding well!
Go and check BEAR MARKET of 1972-1973 for DOW! You will find something simillar! Others can hope for 22,000 for NIFTY SOON! For next major short trade, let’s wait for market to fulfill few required criteria!