$S&P;500 and NASDAQ;COMPOSITE have achieved their respected Targets of 4,900 and 15,500
Post fresh highs both these INDICES requires a pullback.
A sizable pullback.

PATTERN looks complete on both INDICES.

with this kind of a setup 8 out of 10 times MARKET can post a sudden or an unexpected REVERSAL BAR.
need to be watchful for that.

Next major CYCLE DATE for both INDICES are due on 1st of FEBRUARY,
which also would be an event day.
4,820 and 15,400 are very important support,
breaking these levels would be a BEARISH sign.

HDFCBANK have printed the exact intraday LOW at 1380.
Yesterday we discussed this level as an ultimate support for this STOCK.
stock have registered a sharp recovery after testing its support.
Going forward if we want this STOCK to stabilize or recover along with NIFTY and NIFTY;BANK then todays low must hold.
A lower low below todays intraday low on HDFC BANK would create a dramatic panic in overall MARKET.

for NIFTY the unusual turn from the high of 22,124 is giving us that simillar sense which we had in 2022,
the MARKET dynamic so far are further confirming that.
We just love that kind of a MARKET and trading in such MARKETS is always a real paradise for a TRADER.

Technically NIFTY have broken all PATTERN supports,
specially the breakdown on HARMONIC PATTERN is more significant for us.
Downside target objectives continues to stay at 21,050 and 20,750 on spot.
There is no hurry to get there but gradually market is likely to drift lower.
exploit further rally to add shorts if you have missed the move from yesterdays high.
Protective puts for MARCH have done extremely well which I suggested earlier.
That going forward would continue to generate value in coming days.

MONDAY coincidently happens to be an important TIME CYCLE date for RELIANCE along with NIFTY,
hens we have seen RELIANCE moving towards its major support of 2,638,
which is likely to break,
Since yesterday was a Trading holiday,
so we have seen VIBRATIONS coming along TODAY.
NIFTY too have seen a dramatic intraday REVERSAL today.
this should not be a coincidence,
21,285 is key level to watch,
If that goes test of 21,000 is likely.
I already shared the structural view earlier.

HDFCBANK have its ultimate supports placed in zone of 1380-1400 on cash.
Once that goes next target would be 1270.
Watch out for 1380 very closely it still could attempt a meaningfull recovery holding that.

IGL is attempting a larger degree breakout,
Once it takes out 457 the PATTERN breakout should get confirmed.
457 also happens to be a PRICE-TIME-EQUALITY level,
if STOCK sustains above that,
then
it should test levels of 490,
527 and 576 on upside in coming days.
Can even test 800 in next few months.

One of those strong setup to buy and hold.

RELIANCE have its results scheduled today after the BELL


before this important EVENT technical setup here is moderately positive.
STOCK has done extremely well since its OCTOBER lows.

stock have its strongest PATTERN support placed at 2638,
as long as that holds fresh highs are likely beyond 2850,
If 2638 breaks then it should test levels of 2530 and 2450 on cash in next few weeks.

MONDAY coincidently happens to be an important TIME CYCLE DATE for RELIANCE along with NIFTY.
so let’s see,
Historically RELIANCE have an intresting PATTERN to correct post its RESULTS.
hens watch out for 2638 very closely.

ICICI;BANK; has been very sluggish,
RESULTS are due on 20th,january,
If we keep this EVENT on one side,
then its setup is slowly turning BEARISH.
since the high registered here on 15th,DECEMBER,
STOCK has done nothing. We are getting initial signs for a decent correction here,
950 is an ultimate support,
Once that goes NOVEMBER lows are certain.
Just looking at results here I would prefer to hedge short trades with 1000 call for the current series.

NIFTY has been moving very rapidly.
we dont have this habit to see back to back big down days in our MARKETS.
LEVELS are very wide on both sides.
but yesterdays close below 21,620 gave a clear indication for further expansion on downside.
Todays intraday print below 21,300 on spot have confirmed a significant breakdown on NIFTY.
This breakdown have potential to test levels of 21,050 and 20,750 on spot in coming days.
We discussed on BANKS and I.T. INDEX yesterday,
BANKS have broken more badly then what I originally thought.
but if you think it’s too much!!

then what happens in next 8 to 10 weeks may further surprise you.
I.T. too have accelerated its decline.
accept RELIANCE everything on NIFTY is looking week.
on NIFTY pattern resistance is placed at 21,600 to 21,700 any recovery attempt which stays under 21,700 should be utilized to add shorts.
If you can manage the risk then look to add protective PUTS for MARCH,
that should be a perfect trade from here.

NIFTY;BANK breaking 46,800 on a key CYCLE DATE is not a good sign for overall MARKET.
Still a daily close below 46,800 would make things technically BEARISH.
Once it closes below 46,800,
that can potentially mark the TOP for NIFTY;BANK at its DECEMBER high of 48,636.
NIFTY;I.T., too is developing signs for a near term trend shift,
the MONDAYS high of 37,929 could hold for few weeks.
and this INDEX too can under-go some consolidation with a negative bias in Coming days.
Now what this means for NIFTY?

for NIFTY it’s not completely BLACK or WHITE,
with todays gap down below its support of 21,850 INDEX has again entered into a sideways territory.
Not in a negative territory yet.
but if NIFTY spot starts to close below 21,620-21,650 then that too could enter a BEARISH zone.
Particularly for NIFTY INTRADAY LOWS of 19th,and,22nd january would be absolutely critical.

NIFTY have strongly extended its strength which it had on PRICE PATTERNS.
once it took out 21,834 on FRIDAY,
it took no TIME to achieve the PATTERN objectives of 22,000 and 22,090 on spot.
Going forward this momentum should continue as long as INDEX holds 21,850 on spot.
Any sharp dipp which manages to hold 21,850 would b an ideal level too pick longs.
On TIME front TOMORROW is a key CYCLE date for NIFTY BANK since NIFTY BANK has held 46,800 PATTERNS continues to stay BULLISH here.
for NIFTY next CYCLE dates are on 19th,and,22nd,JANUARY.