NIFTY UPDATE

NIFTY is still holding on, it made a new high for this calendar year yesterday but still things continue to stand where they were. No material change on near term setup from what we discussed on TUESDAY. MARKET is yet to register a proper reversal. Major support still stands in zone of (17,800-18,000) on spot. Once we close below this zone, market should resume its primary trend which is on downside. We are still in that TIME zone of 28th,APRIL to 8th,MAY so market can stay bit more volatile, as per TIME this rally was suppose to terminate within this TIME window. Lets see whether it ends or not. Global markets gave more clear signs of reversal, accept NASDAQ all other INDICES have broken down. Once NASDAQ COMPOSITE breaks (11,600-11,800) that too would signal a break down, which would drag it below 2022 lows. in INDIA, NIFTY BANK had been a key reason for this extended move, if that breaks below (42,800) that would be a reversal sign. Watch out for (42,800) very closely, we have been of the opinion that, BANKING INDEX is well poised for a dramatic turn on downside,but for now lets wait, until supports breaks.