NIFTY UPDATE

NIFTY have still maintained its support of (19,562) on spot, dispite loosing its momentum. No weekness as long as this level is not printed. We discussed this last FRIDAY as well, (for MARKETS to scale further highs INDEX must hold its PATTERN support). TIME wise MONDAYS low is critical on closing basis, a daily close below MONDAYS low would push NIFTY below its PRICE support. Holding these levels we should get another fresh high around 1st,AUGUST and that should possibly terminate the rally for now. We have been discussing 1st,AUGUST as a critical date since past 2,weeks. Let’s see how MARkets reacts there, the entire next week would be important, because it would complete CYCLE rotation from last 3,calender lows on DAILY and WEEKLY TIME FRAME. with such strong CYCLE combination 9,out of 10 times we should get reaction of some category. Whether that lasts for short term or slightly longer that we should observe as and when that happens.