NIFTY has been moving very rapidly.
we dont have this habit to see back to back big down days in our MARKETS.
LEVELS are very wide on both sides.
but yesterdays close below 21,620 gave a clear indication for further expansion on downside.
Todays intraday print below 21,300 on spot have confirmed a significant breakdown on NIFTY.
This breakdown have potential to test levels of 21,050 and 20,750 on spot in coming days.
We discussed on BANKS and I.T. INDEX yesterday,
BANKS have broken more badly then what I originally thought.
but if you think it’s too much!!
then what happens in next 8 to 10 weeks may further surprise you.
I.T. too have accelerated its decline.
accept RELIANCE everything on NIFTY is looking week.
on NIFTY pattern resistance is placed at 21,600 to 21,700 any recovery attempt which stays under 21,700 should be utilized to add shorts.
If you can manage the risk then look to add protective PUTS for MARCH,
that should be a perfect trade from here.
gann,insides 