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.

NIFTY UPDATE

As we discussed in sundays post,  13th was a minor but important cycle date for NIFTY  a failure to close below 13th,low would restrict INDEX from making further lower lows on immidiate basis.

this recovery on NIFTY from mondays low have reached a critical resistance today which stands at 22350 on spot.

If on any given day INDEX moves above 22350 all short term bearish options would dissappear for near term as long as spot maintains under 22350 those options would continue.

Since past few days i have shared 21700 as a medium term trend reversal level for NIFTY,
for some reasons markets are holding that.
And until and unless 21700 is protected there wont be any change on overall market texture.
the up-down trend of NIFTY will carry on as far as 21700 is held.
As analyst I can give a statement that 21700 will break, but as a trader until and unless market conferms that view i cannot put heavy trades on that view.

As of now we are still not in a type of market where we can carry over our trades.
So having a fixed frame of mind wont help for the time being.

U-S-INDICES too are at an intresting juncture

S&P;500 could print a fresh record high, post CPI DATA due today EVENING

As discussed in sundays post  for S&P making a new high  is not a major thing sustaining above 5300-5350 zone is something which holds greater significance.
As long as level of 5350 doesnt breaks risk of a sizable correction possibly towards 4800 in next 2,months would continue to strongly persist!

when it comes to DXY and U-S-10,Y they both have been in longer term uptrend since past several weeks.
dispite short term pullbacks broader uptrend hasn’t been compromised yet.
On upside on DXY we are working with target of 108 and on U-S-10,Y our working target of 5.30 is still intact till late july!