NIFTY UPDATE

NIFTY is testing patience but the weakness continues to persist. So this consolidation is unlikely to result in further highs. As I have been highlighting that: (NIFTY is week because it has broken PATTERN support of 18,480 on Last Friday).
But MARKET is holding on, PRICES are not breaking down. Reason is NIFTY BANK which we have been discussing from MONDAY. MOMENTUM would pick up once when NIFTY BANK begins to Participate on downside.
Multiple BANKING stocks which are part of NIFTY BANK are completing their PATTERNS. Specially PVT BANKS accept HDFC BANK have already Turned lower. In PSU BANKS SBI is in its final stages of completing this deceptive rally.
So it’s only the matter of some more TIME from here. Official conformations would come only if it closes below the low of 9th,DECEMBER. As long as that does not happen continue to control taking trades on BANKING stocks.
On NIFTY we are short, just had to hedge those trades due to EVENTS. Need to keep that extra time if you prefer buying OPTIONS. Rest it depends on MARKETS, how much more TIME it needs to come lower!