ASHOKLEY have not participated much in AUTO rally since AUGUST,
the high which it registered on 16th,AUGUST which was at 191 is an incomplete high which should break in coming days.

As per CYCLES 23rd and 24th,NOVEMBER are very strong dates,
if STOCK can sustain above the intraday high of these dates then that would indicate significant upsides in coming days.
As per PRICE,

if it sustains above 182 then near term Targets would be 200 and 210 possibly till late DECEMBER.
DECEMBER 4th,
19th,
and 29th,
critical dates to watch.

HEROMOTORCO yesterday achieved our projected target of 3400 on cash.

We have been holding a BULLISH view here since 12th,OCTOBER from levels sub 3100.

it has been a tough job since late october to nail profits above 5% on a swing trade at one go.
Specially in large caps accept 4/5 stocks we have not seen sizable price expansion which we look for before picking up trades.
AUTO as a sector have done well,
2 wheelers in particular have been very strong.
Coming back to HEROMOTORCO now,
Above 3400 our ultimate targets would be 3600-3650,
but this should be an end of the move so have to be careful.
better to secure majority part of profits and leave rest.

NIFTY is holding on,
Majority of TIME since past 3 days has been spent within the range of 17th,NOVEMBER,
So there are no valid indications as of now.
We have outlined both BULLISH and BEARISH scenarios on last FRIDAY, need to wait for break on either sides,
Since NIFTY is closer to the breakout zone of 19,881 it still have to cross and sustain above that to generate a rally beyond SEPTEMBER highs.
Lets see INDEX should give a decisive move in next 2 days.
Patience is going to be key,
there are no benifits while trading in consolidation phases.

NASDAQ;COMPOSITE; protected its 6th,NOVEMBER LOW of 13,435 on closing basis,
In our review here on 9th,NOVEMBER we discussed 13,435 as a key to reversal,
since INDEX held this level there were no point hoping for a TREND REVERSAL.
again there is nothing to add further to what I earlier shared.
As far as POINT of REVERSAL is concerned I have been very clear that a REVERSAL is subject to a certain process which we have discussed earlier.
Since levels have changed,
let’s again revisit the setup.
We shared 16th and 17th as a key turn date earlier,
So the low of 14,033 would be very critical going forward.
A daily close below 14,033 would give us initial conformations for a trend reversal.
Once that breaks that would open up lower levels but first that has to break.
Holding 14,033 this rally would continue.

$S&P;500; held 4,320 and extended the rally further once it took out critical resistance zone of 4,415-4,420.
13th and 14th were key CYCLE DATES here and we have seen upsides expanding sharply on these dates.
Frankly there is nothing more to add on from what we posted on 8th,NOVEMBER,
which was our last review here,
even if you bought SPY futures on 8th,NOVEMBER with stops below 4,320 then also you would be at good profits as of today.
In 2023 this has been the first trader friendly rally on S&P since APRIL.
So going against the momentum was never a wise thing to do also we never had that intentions.
even though we were looking for the rally to terminate,
we were focused on CYCLE DATES and LEVELS.
Next CYCLE DATES are coming up on 24th and 27th,
PATTERN supports have shifted higher to 4,450,
As long as 4,450 is held,
there is no point going against the trend.

NIFTY challenged its OCTOBER high of 19,850 yesterday,
We did discussed this on WEDNESDAY,
Above 19,500 INDEX is likely to stay in good shape.
Today is a PRICE and TIME SQUARING DATE,
so todays high and low are going to be absolutely critical for coming days,
after today next PRICE and TIME SQUARING DATE for NIFTY will come on 13th,DECEMBER,
so todays range would hold greater significance.
If NIFTY sustains below todays low and break 19,500 on spot then that would trigger a very BEARISH setup.
which would indicate much lower levels,
Probably below 18,490 but need to have patience until that setup triggers.
As I have been saying since several days now dont pull the trigger until key levels are held.
So wait for now,
there would be some great opportunities in next few months.
In case NIFTY sustains above todays high and takes out 19,881 then that would indicate much higher levels,
Most likely above SEPTEMBER high.
So we should not miss that rally if that unfolds.
Now how that would fit within the CYCLE structure is a different thing that is not required to understand immediately,
there would be an appropriate TIME to discuss that.
There is no point discussing the theory of this and that,
Let’s go through the journey practically and see where things stands 6 to 8 months down the line.

NIFTY never registered a REVERSAL so todays gap higher is not something out of the BOX,
all key LOWS have been holding strongly since 3rd,NOVEMBER,
INDEX now awaits a significant PRICE&TIME SQUARING DATE which as we have been discussing will come on 17th,NOVEMBER,
As we discussed last time until markets are holding critical supports there are no short trades on offer,
We also discussed that 19,500 is a PRICE and TIME EQUALITY POINT,
if spot sustains above this level then there are BULLISH options.
So after todays GAP higher INDEX must stay above this level of 19,500,
Holding this level MIFTY should challenge the OCTOBER high of 19,850.
A tick below 19,500 would again put INDEX back in neutral zone,
More then INDIAN MARKETS we are more focused on U.S. MARKETS because that’s an exciting space to track.
The rally there has been more powerful then the rally here.
Hens we are closely watching how things goes there,
the setup there is intresting we were expecting a marginal breach of 4,420 and markets now have exceeded that,
So if that continues higher from here then that would challenge our medium term view.
The entire NOVEMBER rally has been on expected lines but now it should be at a terminal point,
This has been our view,
Let’s wait for market conformations.

NASDAQ;COMPOSITE; had a turn date on 27th,OCTOBER,
and we have seen a very sharp turn higher from those LOWS.
the rally from LOW of 12,543 has been sharp,
straight,
and strong,
But unfortunately this move again would end up as an apportunity to again sell at higher levels.
NASDAQ during the year has done remarkably well,
Infact NASDAQ is the only outperforming index in entire U.S. MARKET,
Just to put things in prospective,
the broad RUSSELL 2000 INDEX have broken below its OCTOBER,2022 LOW.
So entire U.S. MARKET outside headline INDICES have broken very badly,
So just dont fall for false BULLISH narratives watching DJI S&P or specially NASDAQ,
it’s a deadly trap which would burst in coming months.
BUBBLES are easy to point after the crash takes place,
but very tough to call before the crash actually unfolds.
There is always a process to be followed to predict and trade such major moves,
So let’s discuss the short term setup after the recent rally.
first of all 6th,NOVEMBER was a key CYCLE date,
so the intraday low of that days low at 13,435 is going to be extremely important.
A daily close below 13,435 would signal the end of this rally,
Once it signals that it should test the HEXAGON support of 13,250,
If 13,250:also breaks then INDEX should continue lower till 12,851,
which would complete the HEXAGON rotation.
The crack down would take place below 12,851 which should carry the INDEX down till earlier shared levels of 12,477 and 12,100,
So dont hope for things to happen,
follow the process step by step.
NOVEMBER,16,
17,
and,
28,
are upcoming turn dates here.

$S&, P;500; have given a very sharp bounce from its LOWS of 27th,OCTOBER,
Technically we achieved all our objectives at those lows,
we did discussed this in our review here on 27th,OCTOBER the same day when it registered its LOW from which it produced a 6% bounce.
the rally wasn’t surprising to us,
we were expecting a rally,
but the magnitude and intensity of this rally was higher then our anticipation.
So for short term there are some BULLISH options to work with,
but we would prefer to have a conservative approach,
We are closely watching the LOW of 3rd,NOVEMBER,
which was a turn date here,
as long as INDEX can avoid a daily close below that days low we are not going to expect an immediate reversal.
On upside everyone is watching for 4,415-4,420 zone which along with a golden ratio also happens to be a strong Gann angle.
We suspect that,
Holding 4,320 INDEX can exceede this all important level of 4,420 marginally before terminating this rally.
TIME wise tomorrow 9th,NOVEMBER is a key CYCLE date,
after 9th,
13th,
14th,
24th and 27th,NOVEMBER are very strong CYCLE DATES.
For medium term test of 3,808 is almost certain.
but for short term we have to deal with complex rallies.
Let’s see,
next 6 to 8 trading sessions would be very important.

NIFTY is yet to conform next leg lower officially.
As we discussed on last FRIDAY,
to resume the trend lower NIFTY have to give a daily close below FRIDAYS low,
so far that has not happenned,
Hens for immediate term there is nothing on offer on short side.
BETTER to wait for conformations.
17th,NOVEMBER is next PRICE TIME SQUARE DATE for NIFTY,
so the LOW of 3rd,NOVEMBER would stay critical till 17th,NOVEMBER.
Earlier we shared positional Target of 18,490,
Since we did not got the reversal this week,
it’s unlikely that we get there till 17th,
We should get there till end of NOVEMBER,
but we would be more interested in trading that move rather anticipating it.
Once spot breaks 19,140-19,200 zone we are going to put in very aggressive trades on short side.
Currently we are not going to pull the trigger,

no matter how confident we are.
Next few days are going to be very critical for over all texture of markets.
NIFTY on price front too is at a very important resistance point.
from its top of 15th,SEPTEMBER to todays date of 8th,NOVEMBER,
the PRICE and TIME EQUALITY for NIFTY is coming at level of 19,500.
So this is going to be a very critical resistance point,
If it sustains above 19,500 then there are some BULLISH options,
Let’s see how it reacts there.