not much to add In addition to what I shared in last week!
first do checkout what I discussed in last weeks weekly UPDATE!
https://ganninsides.com/2024/03/09/weekly-market-update-2/
PREVIEW
last week I discussed on growing unsustainable divergence between smallcaps and the (NIFTY)! I also discussed on 7 most critical STOCKS for INDIAN STOCK MARKET!
this week as expected that divergence for NIFTY resolved on downside! and out of TOP magnificent 7 STOCKS accept ICICI;BANK,HDFC;BANK and INFY other 4 STOCKS have registered a notable PATTERN breakdown which would have significantly BEARISH implications going forward!
TECHNICAL UPDATE
NIFTY
TOP is in for NIFTY as we have been discussing since last 2 weeks now! this end under 22,600 would have lot of significance in DAYS-WEEKS and MONTHS ahead!
on NIFTY 21,800 is a key support once that breaks a sharp decline towards 21,610 and 21,390 could be tested! broadly below 21,800 INDEX would prepare itself to break JANUARY LOW of 21,137! Once that LOW of 21,137 breaks NIFTY would trigger a all-PATTERN-breakdown which would have severe MEDIUM TERM implications!
S&P;500
S&P is likely to SQUARE out its PRICE with TIME tomorrow on 18th,MARCH! since INDEX have struggled to take out 5,185 the level which I have been discussing since last 2 weeks it’s only a matter of TIME before a significant PRICE REVERSAL triggers! we are very close once 5050 breaks it’s all over! expect that to break very very soon!
this would be a textbook PRICE TIME SQUARE REVERSAL which once confirms would end this RALLY from OCTOBER 2023 LOW we really should not look too far but if this actually plays out according to BOOKS then that OCTOBER 2023 LOW of 4103 is likely to break going forward! would approach that step by step! for now working targets are 4955 and 4840 on downside!
lot off things can go wrong for MARKETS in coming days! stay cautious!
gann,insides 