NIFTY UPDATE

NIFTY is not going as per expectations, it requires to register a REVERSAL to resume another leg lower. We have been sharing LEVELS which so far has held, but once those levels breaks we shall conform next major and furious move on downside. MARKETS have posted incremental upside above (17,863) but this has not changed the texture of overall structure. Yes in short-term as long as supports are held market can hold on, but beyond that nothing has changed. The downside risk has not at all gone off from any equation. “In beginning of APRIL we focused particularly on current quarter to fulfill our BEARISH objectives, we also posted that this would be a journey of 12,weeks, out of that we still have 8,more weeks to go, so enough TIME still left, once reversal is confirmed MARKETS can give up 4% rally of APRIL in just one week. We also have been concentrating on (INDIA VIX), the monthly close of APRIL is one of the lowest monthly close on (VIX). There has been very interesting coincidences with MARKET TOPS at very low level of volatility. Closer to 10 (VIX) is perfectly poised for a substantial move on upside. “that move should take (VIX) above 21 in next few weeks. This would get very interesting. According to TIME MARKET is in a critical TIME zone between 28th,APRIL to 8th,MAY, we would still look for reversal within this TIME zone. Now where would that reversal sign come? That zone have shifted higher to 17,800-17,850 on spot. Once market close below this zone, it should be over.