NIFTY with yesterdays close have triggered a PRICE&TIME breakdown.
So this have resulted in a TREND shift from sideways to BEARISH.
this conformation would provide us great amount of comfort to sell all upsides from here.
As we discussed on last THURSDAY a break of 21,600 have generated a SQUARE OF 9 breakdown which have target objective of 21,150 on spot in coming days.
INDEX on surface is still stable,
but the manner in which broader market have sold off since FRIDAY is concerning,
As I shared earlier there could be a TOP in place for SMALLCAP and MIDCAP INDICES.
a lot would depend on this initial decline specially how much INDICES are giving away from their gains since OCTOBER LOW.
For overall MARKET the decline from HIGHS is very much LOCAL.
GLOBAL MARKETS since past 2,weeks have done well.
Today should be a real test for GLOBAL INDICES as well.
if post U-S-CPI INDICES turns lower then that could trigger a much anticipated REVERSAL in GLOBAL MARKETS as well.

HINDCOPPER is approaching its PATTERN support in zone of 244-251 on cash.
If this zone breaks then STOCK can test levels of 226 and 208 in coming days.
RESULTS are scheduled tomorrow.
Practically STOCK is more sensitive to international COPPER prices,
there too we have a BEARISH view in near term.
if COMEX COPPER breaks 3.597 we could see levels of 3.344 in next few weeks which would be a significant cut.

NIFTY still have to close below the INTRADAY LOW of 8th,FEBRUARY which was 21,665,
along with that it also have to break its major support of 21,600 to indicate a BREAKDOWN.
until both these criteria are met together we would continue to stay in an overall sideways MARKET.
next major CYCLE date for NIFTY is on 26th,FEBRUARY,
but before that on 19th and 20th,FEBRUARY we have PRICE&TIME SQUARING DATE for NIFTY from its OCTOBER 2023 LOW.
so we have to watch for MARKET conformations during this week.

HDFCBANK is again approaching its ultimate PATTERN support of 1380,
NIFTY;PVT;BANK yesterday broke its JANUARY LOW,
so there is a real risk that 1380 shall break.
Once 1380 goes PATTERNS would activate targets of 1325 and 1270 on cash.
Watch out.

MIDCPNIFTY is in its 45th,week from its MARCH,2023 LOW.
So there is a possiblity that yesterdays high here is a likely TOP.
Price Wise 10,600 is a key PATTERN support if that breaks we could see 10,430 and 10,225 on cash in coming days.
TIME wise 15th and 16th,FEBRUARY are significant CYCLE dates here.
BROADER MARKETS are feeling good amount of pain today,
Or view is this can further intensify in coming days.

NIFTY got that decisive move post RBI POLICY as we discussed in MORNING.

On expected lines INDEX stayed under the zone of 22,090-22,120 and have drifted lower towards its major support of 21,600 on downside.

Once 21,600 breaks we would get SQ,9,breakdown which would have target of 21,150 in next few days.

Since today was a key date a daily close below todays intraday LOW would turn TIME completely BEARISH.

NIFTY is likely to make a decisive move post RBI POLICY today,
since todays POLICY EVENT have coincided with an IMPORTANT CYCLE DATE this had made things very intresting.

On PRICE front the zone of 22,090-22,120 is a near term PATTERN resistance if that gets taken out on upside then that would open up a likely possiblity for a test of 22,300-22,450 on spot.
As long as INDEX stays under this zone of 22,090-22,120 setup would stay vulnerable to drift towards its major support of 21,600 on downside.
TRADES on both sides have element of extra level of risk involved in them,
hens better to approach it with thin volumes.

As of now we dont have parity on PRICE and TIME PATTERNS  which we earlier had from mid of NOVEMBER to early JANUARY.
So this extra level of risk would persist until PRICE and TIME achieves their alignment.
EARLIER we discussed 7th&8th,FEBRUARY are key CYCLE dates,
once we get the INTRADAY range for both these dates then we would use that to our advantage.

$S&P;500; and NASDAQ;COMPOSITE are eying magical figures of 5,000 and 16,000,
In our last update here we posted on an expected pullback on both these INDICES which did played out initially but post results from META that got reversed.

We also shared date of 1st,FEBRUARY as a very important CYCLE DATE,
so as long as INDICES are maintaining the INTRADAY LOWS of 1st,FEBRUARY on a closing basis technically there wont be any INDICATIONS for a REVERSAL.

Although PATTERNS have completed and we have everything which is required to get a meaningfull REVERSAL,
we still have to wait until supports are broken convincingly.

LEVELS of 4,840 and 15,150 are key supports once that breaks we could get MARKETS closer to january lows.
To add further to this,
DOLLAR and 10,year YEILDS have very strong setups,
higher highs are certain here.