MARKET UPDATE

NIFTY has given a VIBRATION PATTERN breakdown below 18,480 on Friday. So we have that primary indication for things finally Turning down. BUT we still require participation from NIFTY BANK, because NIFTY is clear With its week structure, but NIFTY BANK is yet to conformed things. 42,900 remains critical level as we discussed earlier. But before that it has to give a daily close below 43,361 which stands the low of (TIME SQUARING) DATE.
Same goes for NIFTY a daily close below 18,410 would add more weakness to current setup. Since we are anticipating major turn lower so we do require these step by step conformations. So far what we have can only take us to 18,200 but as we progress this level should move lower!