NIFTY UPDATE
As we discussed in sundays post, 13th was a minor but important cycle date for NIFTY a failure to close below 13th,low would restrict INDEX from making further lower lows on immidiate basis.
this recovery on NIFTY from mondays low have reached a critical resistance today which stands at 22350 on spot.
If on any given day INDEX moves above 22350 all short term bearish options would dissappear for near term as long as spot maintains under 22350 those options would continue.
Since past few days i have shared 21700 as a medium term trend reversal level for NIFTY,
for some reasons markets are holding that.
And until and unless 21700 is protected there wont be any change on overall market texture.
the up-down trend of NIFTY will carry on as far as 21700 is held.
As analyst I can give a statement that 21700 will break, but as a trader until and unless market conferms that view i cannot put heavy trades on that view.
As of now we are still not in a type of market where we can carry over our trades.
So having a fixed frame of mind wont help for the time being.
U-S-INDICES too are at an intresting juncture
S&P;500 could print a fresh record high, post CPI DATA due today EVENING
As discussed in sundays post for S&P making a new high is not a major thing sustaining above 5300-5350 zone is something which holds greater significance.
As long as level of 5350 doesnt breaks risk of a sizable correction possibly towards 4800 in next 2,months would continue to strongly persist!
when it comes to DXY and U-S-10,Y they both have been in longer term uptrend since past several weeks.
dispite short term pullbacks broader uptrend hasn’t been compromised yet.
On upside on DXY we are working with target of 108 and on U-S-10,Y our working target of 5.30 is still intact till late july!
gann,insides 