NIFTY UPDATE

NIFTY made 3rd attempt to break DECEMBER low of 17,774, this morning, also it very narrowly printed level of 17,825 so the odds of a significant upside have reduced rapidly. A break of 17,774 and 41,569 would certainly make things more BEARISH.
We are approaching 13th,jan things should get more clear. Note if we break 17,774 then there is a probability for a (HARMONIC CHANNEL) breakdown which would get conform below 17,680 on spot. It can also complete (HEXAGON) target much earlier then what we expected originally.
need to have an eye on U.S. MARKETS as well. As far as Trading positions are concerned since the end of NOVEMBER we have created heavy positions on MARCH 18,000 puts. Squared off few in end of DECEMBER now waiting for that bounce, to add further positions.
Just when whole country was heavily BULLISH on MARKETS we were certain and very clear that the upmove was deceptive. There is no BULL MARKET. Once we break the (HARMONIC CHANNEL) the break of june lows would only be a matter of TIME.