NIFTY UPDATE

NIFTY is getting downside protection from (GLOBAL MARKETS), in 1st 15,days of 2023 several EQUITY MARKETS are UP about 7-10% accept (JAPAN) and (INDIA), all markets are UP quite a bit. Hens here in INDIA dispite MARKETS being week, we are not, Getting that accelerated decline. To some extend NIFTY BANK is also holding that, because it is yet to break its DECEMBER low of 41,569. Once that breaks we should get sharp cuts in our MARKETS. Until that holds this sideways action will continue.
For NIFTY 18th, would be critical CYCLE date. In case MARKET rallies upside level to watch out would be 18,140 a break above it can trigger a relief rally. On downside 17,680 would be important, below 17,680, we would end this BEARISH consolidation. MARKETS can stay sideways for few more days, ideal strategy would be to enter MARCH ATM PUTS. because once this consolidation ends we are likely to witness significant downside, in all MARKETS.
Any meaningful upside till 18,300 would be an exiting opportunity to add BEARISH positions.