NIFTY UPDATE

NIFTY have gone above 17,200 today which is sufficient to convince traders for a significant rally in Coming days.
In our opinion that wont be a case.
We would look it as a shorting opportunity once NIFTY enters zone of 17,300-17,500 on spot.
Medium term PATTERNS for MARKETS are BEARISH and they are unlikely to reverse.
The critical point to note here is whatever shorts you add your view has to be for June series.
We are expecting the test of 15,183 within june.
We have been maintaining this call for some time now.
And our view has been based on CYCLES, in next 90 days we believe markets globally should be significantly lower from current levels with or without any negative news flow.
Lets see, would be intresting.
For very short term markets have played out differently but it wont change the overall structure.
TIME wise next week is going to be very important specially for U.S. MARKETS.
Next MONDAY and FRIDAY would hold greater significance with reguard to TIME CYCLES.
For INDIAN MARKETS plenty of Trading Holidays are due in next 18 days so overnight gaps are likely to occur with increased volatility.