MARKET UPDATE

NIFTY with its erratic PRICE behaviour have put all INDEX traders on their toes. Our view had been that NIFTY should not make new high, but if it still makes a new high another high would again be within 1% of prior high. Practically NIFTY could repeat what (18,887) did to (18,604), other then that nothing is going to happen. MARKET can stay here for ages but a runaway BULL MARKET is unlikely to resume without a lower low below (15,183). Now the question is how would we reach there? Earlier we were working with JUNE as a possible deadline but that dint worked out as expected ! So from here we have to approach MARKETS as 1,step at a time. The initial breakdown at a higher degree would come only below (18,464) on spot, so until that actually happens, better to wait. We have a breakdown in NIFTY BANK so that should drag NIFTYY below its supports. Short term TIME CYCLES would turn BEARISH once MARKET closes below 19th,june low ! If it does not close below that expect markets to continue with their current trend !