NIFTY is getting downside protection from (GLOBAL MARKETS), in 1st 15,days of 2023 several EQUITY MARKETS are UP about 7-10% accept (JAPAN) and (INDIA), all markets are UP quite a bit. Hens here in INDIA dispite MARKETS being week, we are not, Getting that accelerated decline. To some extend NIFTY BANK is also holding that, because it is yet to break its DECEMBER low of 41,569. Once that breaks we should get sharp cuts in our MARKETS. Until that holds this sideways action will continue.
For NIFTY 18th, would be critical CYCLE date. In case MARKET rallies upside level to watch out would be 18,140 a break above it can trigger a relief rally. On downside 17,680 would be important, below 17,680, we would end this BEARISH consolidation. MARKETS can stay sideways for few more days, ideal strategy would be to enter MARCH ATM PUTS. because once this consolidation ends we are likely to witness significant downside, in all MARKETS.
Any meaningful upside till 18,300 would be an exiting opportunity to add BEARISH positions.

RELIANCE today achieved 2nd, PATTERN Target of 2,435 on cash. We have tracked this stock since last 2,months, caught the TOP here since early DECEMBER, and have carried out short trades since then. Our last review here was on 26th,DECEMBER.
Going forward, pattern of lower lows should continue, next significant breakdown level is placed below 2,400 on cash, below 2,400 PATTERN Targets shall be 2,330 and 2,256, sell rallies!

NIFTY have broken DECEMBER low of 17,774 but NIFTY BANK have not! CHANNEL breakdown is placed below 17,680 on spot. As we discussed yesterday. Now with all respect to what happens in U.S. MARKET tonight, Whatever they do, either they goes UP or they go DOWN, the overall trend is not going to change, that’s firmly down and it will remain this way for few weeks! Yes if they rally, INDIAN MARKETS also can rally but that again would be an opportunity to sell. Let’s see how U.S. MARKETS behaves tonight. Better not to carry trades in anticipation of overnight price action!

NIFTY made 3rd attempt to break DECEMBER low of 17,774, this morning, also it very narrowly printed level of 17,825 so the odds of a significant upside have reduced rapidly. A break of 17,774 and 41,569 would certainly make things more BEARISH.
We are approaching 13th,jan things should get more clear. Note if we break 17,774 then there is a probability for a (HARMONIC CHANNEL) breakdown which would get conform below 17,680 on spot. It can also complete (HEXAGON) target much earlier then what we expected originally.
need to have an eye on U.S. MARKETS as well. As far as Trading positions are concerned since the end of NOVEMBER we have created heavy positions on MARCH 18,000 puts. Squared off few in end of DECEMBER now waiting for that bounce, to add further positions.
Just when whole country was heavily BULLISH on MARKETS we were certain and very clear that the upmove was deceptive. There is no BULL MARKET. Once we break the (HARMONIC CHANNEL) the break of june lows would only be a matter of TIME.

BHARTI;AIRTEL is little slow but drifting down as expected, on 07,12,2022 we did expected that it had made a TOP, for further conformation we required a PATTERN breakdown below 8,10, and we got that conformation on 22,12,2022.
It completed its 1st Target of 767 today, next it should travel till 7,25 on downside. A break of 7,25 would signal significant weakness in future.

HDFC;BANK completed the (TRIANGLE) today with the PRINT of 1,560 on cash. Earlier it failed to take out its DECEMBER high of 1,669 this was a risky setup, but based on PATTERNS we did expected a turn lower here on 29,12,2022.
We are yet to get a MEDIUM term breakdown here which will come below 1,540, ideally we will get that, but can take few days, may be after some bounce.

ICICI;BANK today achieved the PATTERN Target of 8,55 on cash. A break below 8,70 have extremely BEARISH implications for MEDIUM TERM. Mentioned on this setup on 20th,DECEMBER,2022 next PATTERN level on downside is 8,16, Can take its TIME to go there, but structure is very week, every meaningful upsides must be utilized to short. We already have a TOP here.

NIFTY supports are well defined, the upmove theoriticlly is incomplete as long as low of 17,774 is held on spot. To negate the (VIBRATION PATTERN) strength INDEX have to print 17,825. As long as 17,825 is intact, short term setup remains UP!
NIFTY BANK is a shade weeker then NIFTY, but here also next leg down can resume only below the DECEMBER low of 41,569 on cash. TIME wise 13th,january is very critical followed by 18th and 23rd,january for both INDICES!
Todays decline is a point of concern but better to wait until levels breaks. In U.S. MARKETS $S&P;500; have completed minimum projections of 3,940 yesterday, now 3,825 would be a key level to watch. If 3,825 holds we could have an extension for this upmove, but if 3,825 breaks we could see 3,751 once 3,751 breaks it will enter in its next stage of correction which would be very sharp. Let’s watch. How it goes!

NIFTY protected the DECEMBER low of 17,774, so on expected lines PRICES are likely to test CHANNEL mid point, which comes at 18,300 on spot. (VIBRATION PATTERN) for (NIFTY) too is suggesting level of 18,275 on upside. So for few days, setup is (BULLISH)!
This is likely to be a misleading upmove in context of overall structure. Once this upside is done, we are likely to witness a waterfall decline which would be very sharp. Let’s see for now trades are for upside!

NIFTY is setting up for a waterfall decline but not in immediate term. If 17,774 is protected then there is 1,more upmove possible till 18,300 once that’s complete we can see a massive drop till 17,300-17,500, watch out closely!