NIFTY UPDATE

NIFTY broke the support zone of 18,020-18,060 which was mentioned yesterday. So things finally are coming to an end: as far as this rally is concerned. It doesn’t have to turn immediately, but we have that signal to start adding SHORTS.
A daily close below 18,017, which was the low of TIME SQUARING DATE would conform more weakness ahead. If U.S. MARKETS also break 4th,NOVEMBER low, then it would be a coordinated decline across all markets.
NIFTY BANK is still holding its support, even a break of 41,000 is required. May not go much far above yesterdays high, but to turn down supports must break. PSU BANK INDEX also doesn’t have incremental upside going forward.
So let’s see whether MARKETS turn down from here or there is 1 more attempt higher which could be pushed by NIFTY BANK. 1 thing is certain from today, we have completed the upside, bounce if any would be a selling opportunity.