Author: SAAHIL BELIM

MY NAME is SAAHIL and I have been actively trading in EQUITY MARKETS from 2014. I have been using Gann theory in my TRADING JOURNEY since 2016. my approach to Gann THEORY is totally different than what you may have seen or heard in various YOUTUBE VIDEOS. I have developed multiple MATHEMATICAL MODELS which are based on METHODS described by sir gann in his courses. I never had used any kind of CHARTS to identify the TREND. hens I never share CHARTS to illustrate my view. I like to keep things SHORT and to the POINt!

ICICI BANK UPDATE

ICICIBANK possibly squared out its PRICE with TIME at its 30th,APRIL high,


this PRICE and TIME SQUARING has happened from 2023 lows  so the significance of APRIL high of 1169 is quiet massive, if STOCK sustains below this level for couple of more weeks then it could retrace its entire upmove from 2023 lows.
For near term 1100 is a key pattern support once that breaks stock should drift lower towards 1053 and 1005 on cash in next few days!

NIFTY UPDATE

NIFTY yesterday posted a daily close below 22908 so since yesterdays close the strength of the uptrend reduced dramatically and with todays open below 22786 which i shared earlier as a final stop for all longs, things have turned slightly BEARISH.
it yet again proved out to be a failed breakout.
it once again proved out to be a failed breakout.
For short term with todays break lower  our near,term pattern objectives would be 22575 and 22355 on spot.
Only 3 days to go for election results so expect more voletility ahead.

DLF approaching a medium term reversal

DLF is approaching its significant multi pattern support which stands at 800 on cash,  800 is a medium term support here, if that breaks STOCK should enter in medium term corrective phase  which ideally would retrace decent portion of the entire advance from 2023 lows. for short term  once 800 breaks we should get stock towards pattern objectives of 767 and 735 in next few days.
Watch out!

SETUP for the FINAL WEEK before that all important ELECTION RESULTS

gann insides weekly MARKET UPDATE!

NIFTY on friday achieved our projected target objective of 23025 on spot.
Now supports have shifted higher to 22786 from 22550.
So all long trades now would continue with this reviced stop.
holding 22786 INDEX should continue with its uptrend atleast till 23270.
A break of 22786 would put INDEX again in a sideways trend.
A strong uptrend ideally should not overlap within its previous highs.

other then that because friday was a cycle date if INDICES starts to close below fridays lows then that would be the TIME to turn cautious on long trades.

TIME wise next major cycle dates now falls on 4th&5th of june.

Meanwhile this week would be the final week before that all important election results which are due on 4th,june.
Everyone is expecting markets to rally sharply post results but as professional traders we have to be prepared for all possible outcomes.

Strategicly on 31st of MAY  I had adviced all my clients to cover all speculative positions which had been taken on back of certain anticipations and at the same tine look to hedge portfolios using SEPTEMBER puts.
see emotions and expectations are fine,


but when it comes to trading positions  we would have to get slightly practical because in market our money is our responsibility everything else is secondary!

S&P is juggling around that 5350 mark

S&P;500 has been  juggling under its significant gann angle resistance of 5350, i have been discussing this level of 5350 since late MARCH and dispite all the voletility which we have seen over during past 2 months INDEX have continued to persist under this all important level of 5350!

the week gone by was largely sideways accept that big down day which occured on Thursday, but week on week there was nothing much to look into.


the underperformence of DJI was overshadowed by outperformence in NASDAQ,
which technicaly kept S&P unchanged.
Intrestingly the new all time high on DOW INDUSTRIALS was yet again unconfirmed by DOW TRANSPORTS.
this unfortunately is not a good sign  wont go in exact technical details here,   but this is something to pay attention.


Reeders must had been aware on DOW THEORY,

the entire concept of DOW THEORY was classically founded on performance of DJI and DJT.
GOOGLE more you would exactly understand what divergence between both these INDICES means?

On TIME front last week we discussed 24th,MAY as a critical CYCLE DATE so if INDICES starts to sustain and close below 24th,MAY intraday lows that would signal a trend change for short term.
Holding those lows INDICES are likely to stay UP and fine.
On PRICE front for S&P 5250 is a key support once that breaks we would be looking for a test of 5171 on S&P cash..

lets end this with the near term view on GOLD

GOLD is having an intresting setup, based on its recent price action and its current pattern placement there is a possiblity for a sizable pullback here in coming days.
On downside 2320 is an important support if it sustains below 2320 then we could see levels of 2255 and 2185 in coming weeks.

based on my experience a declining GOLD usually adds pressure on EQUITY MARKETS.
so do watch out.

thats it for now  thanks for reeding   wishing everyone a great week ahead.

quick update on NIFTY

NIFTY as expected have marched towards 22800 on spot.
Since INDEX took out its major resistance of 22350 our view has been BULLISH, and we have turned our short term trades towards upside.

Going forward tomorrow is a key cycle date so tomorrows low would be critical.

On downside supports have shifted higher to 22550 from 22350 as long as 22550 stays protected on upside 23025 and 23270 could be tested.

NIFTY UPDATE

As discussed on last Wednesday a move above 22350 would eliminate all bearish options for short term.
and on last Thursday in a dramatic last hour surge we saw NIFTY moving above 22350.

Since then  we have seen INDEX moving up steadily.
And most likely its again marching towards all time high territory of 22800 on spot.

on downside support stands at 22300 on spot holding 22300 NIFTY is likely to trend higher.
If in case 22300 breaks then we could again see INDEX testing levels of 22100 and 21900  in few days.

On TIME front  this week we have one natural cycle date for INDIAN and U-S-INDICES which would be on 24th,MAY.
Specially for U..S MARKETS 27th,may is going to be vary critical TIME CYCLE DATE.

MARKETS are approaching important resistance levels

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 update on near term MARKET approach

when things are working fine  you dont want to over analyse markets and make things complicated for yourself and your subscribers.

As reeders of this post are well aware  that my view on MARKETS has been slightly BEARISH since early MARCH, and we had deployed multiple bearish strategies using OPTIONS to accommodate our view.
Since early APRIL  our focus has been on selling FUTURES.
as i write this post, i and several of my clients have been heavily short, and during the upmove during late APRIL we have substantialy added fresh positions.

every individual have a different risk appetite so i have  to communicate on position sizing to each trader individually.

coming back to near term approach now

Tomorrow on 13th,may  we have a minor cycle date for NIFTY  If NIFTY gives a daily close below tomorrows low then this time it certainly would break 21700 and once that breaks it would register a medium term reversal  which would have severe implications for next few months.

On upside pattern resistance have drifted lower to 22350.
As long as INDEX stays under 22350 its good to move lower towards 21865 and 21640 on spot.
TIME wise next week 13th and 16th would be critical CYCLE DATEs.

both these dates of 13th and 16th would have their different characteristics because they both represents different CYCLES.
those who have understood these cycles using my methods they would easily understand the difference between various cycles, but if you are someone who is not aware on the basic concepts then for you its not that easy to get-in with whats going on, or whats about to go on in coming days!

when it comes to U-S-INDICES they have been slowly inching higher,  as discussed earlier holding 6th,may lows on closing basis all INDICES would continue with their positive trend.


New high cant be ruled out, but for s&p price expansion above 5300 5350 is going to be a real challenge.
Because that happens to be a major gann angle resistance on monthly charts.

Lets see , intresting week coming up!