gann insides weekly market update
INDIAN MARKETS,had a strong week but continuing this trend in coming days is going to be challenging.
Next week would be a busy week on HEAVEN’S with SOLAR ECLIPS on MONDAY and some rare conjunction of outer planets on Wednesday!
we are still within that 3 week window post lunar eclipse which we discussed earlier still we wont see that impact during next week as well.
actual impact would be visible only from the week starting from 15th,APRIL.
so lets check out how key major INDICES are placed technically.
“TECHNICAL UPDATE on INDICES”
“NIFTY BANK”
NIFTY BANK has recieved the recent push higher on back of strength on HDFC BANK , other then that Internal components of INDEX doesnt have much strength.
Technically 48636 the DECEMBER high would act as a major resistance.
Once that vreaks we could see INDEX Testing its monthly gan angle resistance which currently is placed at 49500 on cash!
On HDFC,BANK i posted on 9th MARCH that above 1471 we could see the price expansion on upside.
All,though this upside still consists all elements of a counter trend rally we would approach the setup watchfully.
I would expect this move to limit under 1580.
Lets see.
medium term target of 1270 is still intact here!
“NIFTY”
On NIFTY as I have discussed during the week 4th and 5th,APRIL were critical CYCLE DATE and we got a very sharp swings on 4th,APRIL on both sides. Going forward a daily close beond 4th,APRIL range would generate a good tradable move for near term! A failure to go through beond 4th,APRIL range would keep overall trend on INDICES absolutely sideways and this could persist this way for next 2 weeks atleast!
On upside there is not much room beond 22600 but still once 4th,APRIL high is crossed we could get NIFTY around 22800 before REVERSAL actually kicks in!
broadly until and unless the PATTERN of ascending flat TOP stays operational we as traders would not get any multi beggar trade on NIFTY. this flat TOP PATTERN is visible not only on NIFTY similar PATTERN is there on all U-S-INDICES and even on BITCOIN as well! Historicly such patterns always breaks with some unfriendly market development which noone ever expected! 2020 was one such example.
Lets see this TIME!
such patterns are always difficult to trade.
absolute patience is required to trade specially the vreakdown part.
because that sometimes take more time then one would expect!
“S&P:500”
S&P after thursdays selloff have broken key swing lows but pattern supports are still intact.
5050-5120 is very important support which would have to break for a dramatic turn lower.
On monthly charts INDEX is turning lower after testing its gann angle resistance.
the CPI PRINT due on 10th,APRIL would be a major catalyst for overall trend analysis.
I think that can drag INDEX below its supports.
Will leave it here for now!
gann,insides 