NIFTY UPDATE

NIFTY gave a daily close below 18,068 yesterday which gave us the conformation that TIME is still BEARISH. So structure continues to be very week and probability for a print of 17,578 during the month is still considerably high, 17,578 is our pending HEXAGON Target on downside.
But so far PRICE PATTERN have not conformed that recent high of 18,265 is a final high, to confirm that NIFTY spot have to break 17,948, with VIX under 16 it’s tough to get back to back down days.
Hens we are not expecting vertical decline for now until PRICE PATTERN provides additional conformation. NIFTY BANK too needs to break 42,300-42,600 zone to trigger a hard drop. So we still prefer to sell rallies, tom imp date, watch out.