NIFTY UPDATE

NIFTY; in all volatility Yesterday gave the print of 17,391 on spot it did not close below 17,472 but we need to understand the important message which MARKET is giving us. Yes we, still need a daily close below 17,472 but the print of 17,391 have made it clear that, sooner or later, MARKET will resume its next leg lower: which would not only be quicker but will be with greater intensity then what we saw recently.
Need to give that fare amount of TIME because we are not disccussing the short-term setup here. Earlier I posted that: we may see 17,150 during the month of (FEBRUARY) with yesterday’s low of 17,353 we were quite close. Gradually we should test 17,150 and even break that.
Another Intresting development happenned yesterday was, while NIFTY broke down, S&P went above 4,100 so setup have gone quite complicated there. We still would prefer to watch that till Fridays close to be more certain with near term setup.
MEDIUM TERM Setup remains BEARISH for U.S. INDICES but short term is something which we need to work on. We are watching that closely. Let’s see NIFTY is clear (sell on rise) but S&P is not.