NIFTY UPDATE

NIFTY is confirming our BEARISH view, the patience which we have kept in last few days is likely to pay off very well, in days and weeks ahead. As we highlighted ON MONDAY there were initial indications for a sharp TOP, and MARKETS have now confirmed that. The daily close below (17,655) have turned short-term CYCLES bearish. Going forward we would look for a break of (17,424-17,491), this should not take much time to break. and once this zone breaks all upside possibility would go away. In our opinion the bounce from march lows was only a counter-trend-bounce which got stretched for 1 extra week. Nothing really changed despite NIFTY going above (17,800) Till june end we are still looking for levels of (15,183) on NIFTY. We are watching global MARKETS also very closely specially EUROPEAN and U.S. MARKETS are getting very closer to a major trend reversal. we should get some hint of that till friday, markets lately have gone very dull and sideways, hens would UPDATE in greater detail as and when activity picks up. Our outlook remains very BEARISH for U.S. MARKETS specifically.