NIFTY gave that bounce which i was expecting but that fell short under the projected level of 22450.
but it still went closer to 22350 and made a hard turn lower.
Todays gapdown is most likely a turning point in its longer term technical picture.
This market now is on a doorstep of entering a technical bear market.
still waiting for final confirmation to come through.
Once levels of 21710 to 21530 vreaks then that would officially end the bullish momentum which has been going on since October of 2023.
As long as this zone is held we wont look to commit large position on short side.
We have been of the view that sooner or later markets would take down their supports.
lets see
For short term level of 21710 is an ultimate support holding that we could see some recovery.
On upside 22100 is a pattern resistance along with a price and time equality level from its recent high of 22775.
So 22100 is a meaningful resistance from here.
On weekly charts if NIFTY closes below 21900 today then that would indicate a hexagon pattern breakdwn so watch out for that.
TIME wise 23rd and 24th,APRIL would be annual cycle dates for NIFTY so expect voletility to rise further during next week.
gann,insides 