https://ganninsides.com/2024/07/16/nifty-successfully-navigates-the-critical-window-on-time-front/
supports shifts higher
NIFTY PATTERN support have further shifted higher at 24480 on spot.
Other then that nothing really have changed from what I did discussed in above post.
BUDGET next week is still the most significant EVENT for this MARKET so next week is going to be absolutely critical for overall texture of this MARKET.
Need to keep an eye on broader markets to get early indications for a trend change.
As I have been discussing here since 10th,of,july a trend change on NIFTY is warranted but would trigger only with the break of a PATTERN breakdown.
Currently we have a best chance to get that.
lets see.
since early july its BANKS verses I.T.
so far we have seen a tussle between BANKS and I.T.
BANKS have been absolutely sideways since the start of july and I.T. on other hand habe done remarkably well since early july.
NIFTY bank has been going through a phase of distribution but still as long as 51600 is held on spot ongoing distribution phase can go on but if 51600 breaks INDEX would be preparing for a decent pullback in coming days.
NIFTY I.T. is the strongest index among all NSE INDICES.
But closer to 41000 this INDEX too is reaching a saturation point if it turns lower from here from next week along with BANKS them that would be a double blow for overall market.
do watch out for that.
in INDIA we are looking for a turn but in U.S. that turn has already happened.
As discussed earlier 18000 on NASDAQ COMPOSITE was an important support and on Wednesday we have seen that imdex break below its support.
So finally we got that reversal on NASDAQ but other indices are yet to confirm that.
for S&P that support level is at 5510 and as of now thats still intact.
Once it breaks below 5510 we should get it lower towards 5425 and 5340 in next couple of weeks.
for now better to wait until 5510 actually breaks.
so lets leave it here for now.
gann,insides 