NIFTY is still holding key level of 21,600 on downside.
Next 2 days are going to be very critical for overall MARKET
As we discussed on last FRIDAY the combined high of next 2 days are going to be very critical.
Post 8th,FEBRUARY next ANNUAL CYCLE DATE for NIFTY would be on 26th,FEBRUARY.

On downside 21,600 continues to be a key support,
As long as 21,600 is holding setup would continue to stay highly vigilant and volatile.
at the same time it also suggests a cautious approach on higher side beyond 22,090 on spot.
On NIFTY BANK level of 45,000 is that major level of support.
Once that breaks we would expect fresh LOWS for 2024

but as long as INDICES are holding their supports trading apportunities would continue to persist on both sides.

DXY has broken out yesterday with the print of 104.50,
On upside level of 105.10 is going to be a key,
a higher high above 105.10 would make a case for a test of 107.35 and 109.25 in next few weeks.
This anticipated upside in $ would coinside with unexpected developments in EQUITY MARKETS,
also GOLD and SILVER could revisit their OCTOBER,2023 LOWS simultaneously.
A risk off EVENT probably awaits us.

SBICARDS is approaching its longer term GANN-ANGLE supports from its 2020 LOW and 2021 HIGH.
Zone of 678-698 is very IMPORTANT.
A break of 678 would open up downside targets in zone of 585-615 on cash in coming weeks.
Technically LOWER LOWS are due here,
Let’s see when the fresh breakdown triggers.
month of MARCH is going to be very critical for this STOCK.

NIFTY after looking at todays intraday move reeders should have understood why setup demanded a cautious approach at higher levels.
see frankly it’s not an easy MARKET to trade,
there are certain calls which we have to take in real time based on INTRADAY formations.

As I explained few days back it’s a MARKET simillar to 2022 which was traders paradise,
wide and volatile INTRADAY moves would keep coming on every other day.
This same volatility would make next week even more critical.
So based on the current structure higher highs are not BULLISH and LOWER LOWS which holds 21,600 wont be considered as massively BEARISH.
Just trade the SCREEN for 100 to 150 points for INTRADAY gains.
or go for protective PUTS.
On NIFTY there is a tussle between BANKS verses AUTO and RELIANCE so a clean one way move is extremely tough to have.
In short have to remove the BIAS from trades to make MONEY.

NIFTY have entered the GAP-ZONE of 17,january,
So far that GAP has not close completely,
Let’s see how things goes.
Next week on TIME FRONT we have important CYCLE DATE for NIFTY;BANK on 5th,FEBRUARY and for NIFTY major monthly turn dates are due on 7th and 8th,FEBRUARY.
POST 7th and 8th,FEB next major date for NIFTY would be on 26th,FEB So the combined high of 7th and 8th,FEB is going to be very critical.
As per CYCLE EQUATIONS next week is going to be highly pivotal.
Irrespective of whether NIFTY makes a higher high or not setup would always demand a cautious approach.
LEVEL of 21,956 would be very important on closing basis.
If we get consecutive daily close above 21,956 then that would signal further higher highs.

until yesterday we were closely watching LEVEL of 21,385 as a PRICE-TIME-EQUALITY support,
after todays move that level have shifted higher at 21,600 on spot.
So holding 21,600 near term setup would continue to stay positive.

NIFTY is in a neutral zone before todays EVENT of BUDGET but before we focus on the daily setup,
today let’s discuss on the MONTHLY setup.
since the move from OCTOBER LOW of 18,838 the MONTHLY BARS of NOVEMBER and DECEMBER were absolutely BULLISH.

BUT the MONTH of JANUARY has shown clear exhaustion of trend.
This is not that BEARISH at larger degree of trend.
but it can turn BEARISH if we get a negative monthly closing in FEBRUARY.
Let’s se,
MIFTY BANK have already registered a significant breakdown which can further intensify below 44,000.
also we got that anticipated REVERSAL BAR on U-S-INDICES yesterday.
which could make things really intresting in coming days.

For short term specially for today levels are not going to matter much,
21,385 has been a key level which we have been closely tracking since tuesday,
So as long as that’s holding extreme short term trend would stay sideways to positive.
Still we should get more greater clarity post todays EVENT.

GUJGAS has continued its strength throughout the month of january dispite sharp moves on headline INDICES this STOCK has firmly held its supports.
Our view has been very BULLISH here since it took out 464 in early january,
We were working with the Target of 560 here since 11th,january which were easily achieved.
going forward level of 593 would be absolutely critical,
a close above 593 can take it in zone of 640 to 660 in coming weeks.

NIFTY have tested its resistance of 21,800 today,
So for short term the level of 21,677 is going to be a key support,
as long as 21,677 holds this move should continue on higher side.
MARKETS would deal with very critical EVENTS in next 2,days,
so the on screen price action would hold greater significance then pre-planned levels.
Looking at INDIA VIX yesterday and today our sense is the impact of both these EVENTS could be very volatile
Let’s see how MARKETS reacts during next 2 days.
above 21,800 things are BULLISH and below 21,677 they are not BULLISH.
the ultimate breakdown is placed below 21,385 which is a PRICE-TIME-EQUALITY LEVEL as we discussed yesterday.

NIFTY;BANK have a key date today,
so as we discussed on last thursday todays intraday LOW combined with 5th,FEB LOW is going to be absolutely critical.

BANKING INDEX is going to be very critical going forward.

this week is an important week because we have BUDGET and FOMC meeting during the week.
for U-S-MARKETS specificlly we are expecting a REVERSAL to begin most likely in 2nd half of this week.
for INDIAN MARKETS after a 987 point correction on NIFTY and more then 4,000 point correction on NIFTY,BANK it would be fine if we attempt some bounce.

RESISTANCE for NIFTY is at 21,800 on spot,

Rallies are still an ideal apportunities to short but only for MARCH series.
for extreme short term wide intraday swings would help to make profits.
Our positional targets continues to stay at 21,050 and 20,750 on downside,
but that will take TIME.
for NIFTY the PRICE-TIME-EQUALITY level from 22,124 comes at 21,385 on spot,
so use this level as an indication for the resumtion of another leg lower.

NIFTY;BANK have out played all BEARISH expectations which anyone would had 2,weeks back.
15 days back I shared level of 46,800 as a very important support break of which would indicate a decent decline atleast till the GAP zone of 4th of DECEMBER.
And on expected lines that gap is filled yesterday.
going forward some consolidation would be healthy,


level of 44,000 would be an important support,
A break of 44,000 would open a fare possiblity for a test of OCTOBER LOW of 42,105 on cash.

volatility has gone up significantly higher and going forward it’s likely to increase further.
Hens on lower TIME FRAMES trading apportunities would be on both sides.
directionally the setup has turned extremely BEARISH.
on TIME front 29th,january and 5th,february would be very critical.
Especially the intraday low of both these dates would be key pivots to track.