NIFTY UPDATE

NIFTY still continues to carry underline weakness under its surface. Although PRICE has not reacted much, the FORM of this market is very week. As we have been discussing here that the counter-trend-advance from MARCH lows is more or less have ended at 17th,APRIL high. we got some evidence of that in past week. The TIME structure for (NIFTY) is very bearish. PRICE is holding up because of NIFTY BANK, going forward that is going to be a critical INDEX to track. On NIFTY BANK we mentioned support level of 41,500 which was held in past week. Since PRICE hav stretched higher, we are considering an alternate plan here, which requires a higher high above 42,850 and then a lower low below 42,100 to complete its (HEXAGON PATTERN) NIFTY too is holding up to levels of 17,424-17,491 on spot the break of this zone would resume next leg lower. Since last MONDAY PRICES are absolutely flat in defined range. As long as it stays under 17,863 it is likely to turn down anytime. TIME zone from 28th,APRIL to 8th,MAY, would be absolutely critical, if market doesn’t break down now then it has to break within this TIME window. Lets see. if 17,863 breaks then break down level would shift higher.