ADANI;ENTERPRICE; is defining the concept of GRAVITY. Now what else we can Say we projected another leg down here below 2500 for CYCLE Targets of 2100 and 1652 on cash. Both Targets have been achieved.
Speed of this fall is surprising for me as well, but as a TRADER you cannot complain, what we can do is take profits and look for another TRADE. We achieved our CYCLE objectives here which we planned at 3800 in DECEMBER.

NIFTY; in all volatility Yesterday gave the print of 17,391 on spot it did not close below 17,472 but we need to understand the important message which MARKET is giving us. Yes we, still need a daily close below 17,472 but the print of 17,391 have made it clear that, sooner or later, MARKET will resume its next leg lower: which would not only be quicker but will be with greater intensity then what we saw recently.
Need to give that fare amount of TIME because we are not disccussing the short-term setup here. Earlier I posted that: we may see 17,150 during the month of (FEBRUARY) with yesterday’s low of 17,353 we were quite close. Gradually we should test 17,150 and even break that.
Another Intresting development happenned yesterday was, while NIFTY broke down, S&P went above 4,100 so setup have gone quite complicated there. We still would prefer to watch that till Fridays close to be more certain with near term setup.
MEDIUM TERM Setup remains BEARISH for U.S. INDICES but short term is something which we need to work on. We are watching that closely. Let’s see NIFTY is clear (sell on rise) but S&P is not.

NIFTY; got that rally which it required. Critical markers were held which we pointed out on MONDAY. going forward those levels would continue to hold greater significance. what were those levels? let’s again note that down.
We pointed out 2,levels 1,(17,472) on closing basis, 2,(17,391) on print basis both these levels are very important on (PRICE) and (TIME) parameters.once breaks next phase of correction or decline would resume, which can take (NIFTY) towards 16,855 and practically below SEPTEMBER lows. On upside all rallies are likely to stay under 18,150-18,300, on spot. Today is BUDGET and FOMC MEAT in evening so volatility would be on higher side. Once EVENTS are out of our way MARKETS would react to its Technical setup. NIFTY BANK too 42,000-42,400 is resistance and 39,000 is support, let’s see how long it takes to break supports.

KOTAK;BANK; today tested another PATTERN Target of 1,696 on cash. So 1 CYCLE is completed for now. Going forward it require a rally towards 1,755-1,775 on cash, before next leg lower resumes.
Next leg lower will certainly go below 2022 lows. As per Gann Patterns, next significant break down is placed below 1,620. We shall discuss further Targets once it breaks 1,620.

NIFTY; requires a rally before fresh sell off. On Friday we discusse the importance of 17,472 on NIFTY SPOT. Today it went slightly below that, but recovered quickly. There are more then 2,reasons why 17,472 is critical? Not only PRICE, wise it’s important TIME wise too that is an important level. If you are expecting a short covering rally on MARKETS then you don’t want to see, NIFTY closing below 17,472. A daily close below 17,472 and a print of 17,391 on spot, would rule out a substancial rally on upside. Level of 16,855 would open up below 17,391 but not in short term. There is a TIME breakdown below 17,391. According to PRICE PATTERNS next major test for NIFTY would be at 17,150 on downside.
During the month of february we may test 17,150. In case there is a rally after BUDGET or FOMC MEETING that would be an opportunity to add fresh shorts. There would be a rally, but size of that rally is something we would figure out later. NIFTY BANK too need to break 39,000 for further slide.

ICICI;BANK; completed the (VIBRATION PATTERN) Today, with the print of 816 on cash. Since DECEMBER our view has been very BEARISH on this STOCK. Multiple times we mentioned that, break of 870 have extremely BEARISH consequences for MEDIUM TERM and we are witnessing that currently.
But Nothing goes in a straight line, this too will have its bounce, but trend will remain BEARISH. 760 is a key level, holding it, we can see some relief, below (VIBRATION) point of 760 we would look for 721 and 685 on cash.

ADANI;ENTERPRICE; is going through a CYCLE correction, we discussed on a possible CYCLE TOP on all group STOCKS on 22nd,DECEMBER, since then STOCKS were falling gradually but the correction entered in its next stage in past week. Literally whole world is BEARISH now, 1 month back this was not the case. Even without any report, STOCKS would had fallen. Last month, we were looking for 3,010 For medium term on ADANI,ENT, but it has gone way below that. Need to relax here, next leg lower should resume below 2,500 on cash, for 2,100 and 1,650 in coming months.

NIFTY; got that waterfall decline which we had been anticipating. It also completed our (HEXAGON) Target of 17,578 on spot Today. We had been mentioning this level since late DECEMBER. We also got (HARMONIC CHANNEL) breakdown below 17,680, So in short we got everything which we required for a medium term decline. Remember medium term. Today we achieved our short term projections. So we prefer to take part of our profits here.
NIFTY is near a Gann line closer to 17,472, so there could be some relief, there has to be a serious focus on U.S. MARKETS, if S&P breaks 4,120 then we have to consider alternate sinario Which is quite complicated. Let’s see, we are not there yet.
So FOLKS in INDIA should not get carried away with this decline. Let wall street join on downside, then actual fun will begin. Plenty of STOCKS too have achieved their Targets Today, not possible to UPDATE all today, will do it gradually.
Today was TIME SQUARING DATE, which we posted last week. Next week we have plenty of EVENTS but no CYCLE DATE. Take things easy and let EVENTS pass.

ADANI;PORTS; what a fall! Forget 671 which was our PATTERN Target stock is now Trading at 590. Better to take this as windfall profit and exit, getting crowded now, I prefer to take profits from the table and relax!

NIFTY;BANK; today confirmed a significant PATTERN breakdown breaking the DECEMBER low of 41,569 on spot. We finally got the Missing piece of the BEARISH (JIGSAW) which we have been discussing publicly for several weeks now. Well from our side PUZZLE is completed. Matter of TIME,we are in for that move on downside.
I only needed the break of DECEMBER low on both INDICES, which I got, this further validates my BEARISH view. I still await participation from U.S. MARKETS, looking forward for that in next couple of days.
For (NIFTY) things went quite extreme below MONDAYS low, 23rd,jan, as we discussed earlier was significant CYCLE date. Going forward it should break low of 17,761 and move towards the (HEXAGON) Target of 17,578 which has been our pending downside level to achieve.
We have UNION BUDGET next Tuesday, which would be an important EVENT for MARKET, going with this structure we cannot have dramatic turn on other side, may be 1/2, days of relief nothing beyond that. Let’s see.