NIFTY the momentum have slowed a bit  but trend still continues to be fermly on upside.


atleast as long as support of 23020 is held on spot there is no scope for any kind of a meaningful REVERSAL for near term.
Higher-highs should continue.
Tonight we have a MARKET moving EVENT in form of FOMC meat,
Looking at the technical setup even on S&P,
this EVENT should resolve on upside for all INDICES.
lets see,
expecting markets to stay mostly higher till FRIDAY.

NIFTY had fermly held its supports which we discussed yesterday.
with the break of 23050 today INDEX is on its way towards fresh all time highs.

supports have shifted higher to 22800 on spot now.

TIME wise market should stay positive till 12th to 15,june,
because there are no major CYCLE DATE until then,
15th,june specificly would be more critical.

So buying dipps ideally should work out till 15th,
Anything till 22800 would be safe  below that better to avoid!

NIFTY intraday ranges should keep getting narrower from here.
Expecting markets to get normal post todays weekly expiry.
Last 2,days have wiped out trading capital of many retail traders so be very responsible with your position size and the overall approach which  you desire to take directionaly.
As far as trades are cunserned that obviously has to be on long side.
On upside 23050 is a resistance once that breaks new highs shall come.
Under 23050 INDEX would stay within uncertain shades of its technical setup.

On downside support is at 22450-22550  as long as this zone is held buy on dipps trade could work out.

If this support breaks a test of 22100 would be on cards.

Trade with thin volumes the upmove from yesterdays low seems artificial to me.

still it should be fine holding supports.

In my weekend posts since past 2 weeks I had constantly advocated to add SEPTEMBER puts to capitalize on any kind of Market decline  and during tuesdays decline those puts went up by almost 4 to 5 times.

We would again get simillar apportunity to reenitiate simillar trades.
Ideally post 15th june i would update on this.
Until then look to follow the short term levels.

NIFTY  should move on from this ELECTION outcome till tomorrow,


and focus should shift back to technical setup once again.
MARKETS are still highly voletile and thats understandable after what happenned yesterday.
Yesterdays carnage had flagged few authentical questions on the credibility of the long term BULL-MARKET in INDIAN INDICES whether Yesterdays fall was a one off or is this something which would convert into a trend?
thats something we would come to know in next few days.

with the break of 21700 yesterday  setup is shaping up for a medium term decline but to conclude that i would still prefer to wait for some more evidence
Atleast i would wait for a daily close below  21700.

for immidiate term until this dust settles i am looking for a wide range of 22500 on upside and 21600 on downside.

If you have made decent profits yesterday then avoid Taking trades on INDICES.

NIFTY through out the day have sustained below its support of 22950-23000 which we discussed in morning.
Going forward 21700 is a medium term support if that breaks dramatic changes would take place on medium term setup for NIFTY.
So watch out for 21700 very closely.

NIFTY on counting date have a defined range on upside and downside,


the direction would primaryly depend on where NDA tele settleds down.
still as per patterns zone of 22950-23000 could act as an important support.
for today atleast holding this support zone MARKETS should trend up.

On upside at 23530 there is a pattern pivot if thats taken away rally would extend sharply higher.
Trade with very tite stops,
Voletility would be significantly higher.

NIFTY today achieved our near term pattern target of 22575 on spot,


so the breakdown which happened yesterday have reached its primary destination today.
Going forward market would wait for the EVENT to pass through before making next move.
but for now technical setup is of sell on rise, for targets of 22355 and 22125,


need to be on edge.
Voletility has to be managed until pole results are out!

NIFTY yesterday posted a daily close below 22908 so since yesterdays close the strength of the uptrend reduced dramatically and with todays open below 22786 which i shared earlier as a final stop for all longs, things have turned slightly BEARISH.
it yet again proved out to be a failed breakout.
it once again proved out to be a failed breakout.
For short term with todays break lower  our near,term pattern objectives would be 22575 and 22355 on spot.
Only 3 days to go for election results so expect more voletility ahead.

As discussed on last Wednesday a move above 22350 would eliminate all bearish options for short term.
and on last Thursday in a dramatic last hour surge we saw NIFTY moving above 22350.

Since then  we have seen INDEX moving up steadily.
And most likely its again marching towards all time high territory of 22800 on spot.

on downside support stands at 22300 on spot holding 22300 NIFTY is likely to trend higher.
If in case 22300 breaks then we could again see INDEX testing levels of 22100 and 21900  in few days.

On TIME front  this week we have one natural cycle date for INDIAN and U-S-INDICES which would be on 24th,MAY.
Specially for U..S MARKETS 27th,may is going to be vary critical TIME CYCLE DATE.