NIFTY is at a critical point.
with todays Intraday low of 19,601 our projected target of 19,591 is yet to be printed.
For an extension on downside spot must break zone of 19,561-19,591.
To keep short term CYCLES bearish MARKET have to close below Friday’s low.
Watch out for that.
19,750 is a key resistance for extreme short term.
As long as spot stays under it things are BEARISH.
Above that some upside possible.

$S&P;500; has been trending sideways to BEARISH since mid AUGUST.
based on our studies of PRICE&TIME,
we have been very clear that it has registered a major high at 4,607 on 27th,july.
The PRICE action since that high is further confirming our view.

it has been a slow decline but we have to accept that.
MARKETS lately have been very narrow.
Hens as traders we have to position ourselves keeping that in mind.
Just to keep things in prospective,
in entire 2023 there are less then 7 trading sessions in which S&P have declined more then 1.5% in intraday basis.
So that says everything.
I have been in markets for more then 10,years so I do understand that,
such narrow MARKETS does not last beyond a certain point.
For S&P; we are reaching that point in OCTOBER.
For short term,
we have a PRICE and TIME SQUARING DATE coming on 27th, and 28th,SEPTEMBER,
So we are going to watch that very closely.
We have shared Targets of 4,300 and 4,210 earlier,
and we still maintain that.
4,275 is also a key support let’s see how it reacts there,
for MEDIUM term zone of 4200-4250 is absolutely critical,
Going forward INDEX needs to break this zone for a MEGA decline.
We also have been very clear with our view that the OCTOBER 2022 low of 3491 on S&P; is not the final low.
That low will break,
and we have a certain TIME window within which it shall break.
Would share that when we get closer to that TIME.

NIFTY with the break of 19,800 have broken a key PATTERN,
as discussed yesterday,
this can drag the INDEX towards 19591 and 19,391 on spot.
The BREAKAWAY GAP yesterday and a small GAPDOWN today are very significant.
Specially yesterdays open GAP will be considered as a sign of near term trend reversal.
2 weeks back I highlighted 2,factors which can put significant pressure on NIFTY,
1st was a break of 4,430 on S&P,
and,
2nd was a print of 106 on DXY.
S&P has broken 4,430 and DXY is very close to that 106 mark.
We were sure that these levels will be printed,
hens we were bit conscious to enter longs.
NIFTY is back to where it was,
and setup have again turned to sell on rise.
The behaviour of private BANKS and RELIANCE is concerning.
But it wont make sense if I spell that right now.
As an analyst you dont want to indulge with guys who dont understand these thing’s.
Let the MARKET close below previous weeks low,

NIFTY got a breakaway GAP today which can put temporary breaks on ongoing trend.
To avoid that,
todays GAP needs to be filled till tomorrow.
For overall technical structure,
We have to refer the PRICE range of previous week.
Since past week was very significant for our MARKETS,
We would require a weekly close, above or below previous weeks high or low.
Until we get that,
the overall direction is likely to stay sideways on TIME front.
So for now we have this 400 points range to trade.
19,800-20,200 is the range for now.

a break on either side would trigger a trending move in that direction.
FRIDAY is a key CYCLE date,
Expecting a directional move to set in from FRIDAY.
19800 is also a key pattern support.
If that breaks a decline towards 19591 and 19391 would open up on spot.
Let’s see,
I think exiting days are coming back for INDEX OPTION buyers.

ONGC is looking strong,
this strength is coming in back of major breakout which is happening in ENERGY sector.
also the rally in BRENT is supporting the STOCK in recent days.
We are expecting BRENT to test 110$ in next few weeks.
In extreme short term as long as BRENT stays above 88 we are expecting a print of 101 very soon.
Coming back to (ONGC) now,
Any dipp towards 180 is an ideal opportunity to enter for target of 198 and 210 in coming days.

NIFTY is in midst of a very critical week according to TIME CYCLES,
we discussed on it on FRIDAY.
So far we have seen volatility picking up,
also NIFTY making fresh highs,
and BROADER MARKETS selling off very sharply on Tuesday.
Today also is a key CYCLE date so for extreme short term MARKET should avoid a daily close below todays intraday low.
Beyond short term,
this weeks low would be extremely important for overall MARKET structure.
We allready discussed the importance of this week on last friday.
Above this weeks low things are about to stay strong particularly for NIFTY.
For MIDCAPS and SMALLCAPS yesterdays low would be key.
holding yesterdays low,
both INDICES could make fresh higher highs above 41686 and 13079 respectively.
and that possibly would be the final high for 2023 and also better part of 2024.
The rally in BROADER MARKETS is approaching its final stage.
For NIFTY earlier we never said that 19991 is a major TOP,
we always emphasized on the word (pullback) which we were expecting to test 19140 and 18975 but it ended slightly above 19140.
Global markets have been very calm lately,
S&P have protected 4430 so far,
so there are no challenges for NIFTY,
If 4430 breaks then better to check long trades on NIFTY.

PETRONET;LNG; is looking strong,
Infact entire ENERGY sector is breaking out on larger scale.
For PETRONET any dipp towards 240 zone would be an ideal entry point for targets beyond 272 and 298 on Cash in coming days.
This setup is very much simillar to MANAPPURAM or UBL which we analysed in JUNE and JULY.
both STOCKS have been doing well since then.
For PETRONET just to make sure STOCK is in a strong uptrend it would require fresh calender highs after 21st,SEPTEMBER as well.
This would eliminate the case for any sort of consolidation.

NIFTY takes out 19,800 which stopped us out from our short trades.
In AUGUST we utilized this RESISTANCE zone multiple times and ended with profits everytime.
This time it dint worked out,
which is fine.
NIFTY has been veryy resilient during this week,
which has resulted in cross asset mislocation,
We suspect if global markets continue with their correction,
NIFTY could give away majority of its recent gains.
We are watching 4430 on S&P and 106 on DXY Quiet closely,
Once these levels are broken convincingly we could see very sharp reactions in global EQUITIES.
As far as going long is considered,
we prefer to trade STOCKS like GAIL and UPL for upside returns of 6 to 8% in short term.
NIFTY for us is a hedging Instrument which we use differently.
Hens we gives less preference to it on long side.
TIME wise we discussed earlier that 4,cycles are aligning for NIFTY from 31st,august to 6th,september,
Since NIFTY bottomed on 31st,august that low would be extremely important going forward.
Infact for very short term yesterdays low also would be important.
Next week we have 2 CYCLE dates for whole market.
1 is on 11th and other would be on 14th,september.
Not only that next week INDIAN MARKETS would complete 25,weeks from MARCH 2023 low 64,weeks from june 2022 low and 180 weeks from march 2020 lows.
So things wont be that easy.
Another exiting week awaits us.

NIFTY certainly is on edge on an expiry day, things could well set for a crazy last hour move on either sides.
We have consistantly emphasized that strongest resistance for NIFTY continues to persist in zone of 19600 to 19800 on spot.
We have yet again entered in that resistance zone.
Let’s see how things goes.
So far NIFTY has been resilient against the sell off in global markets.
Can it stay this way? Need to see.
For a complete REVERSAL NIFTY needs to close above 19800 and also have to print 19883 as long as we stay under these levels,
We prefer to stay with the primary plan.
Levels are so nearby,
Hens the risk has to be managed.

VOLTAS is preparing for a CHANNEL breakout,
a daily close above 910 would conform that,
a daily close above 910 would aline short and long term setup in extremely BULLISH shape. STOCK today have given a PATTERN breakout which have target objectives of 950 in near term.
CHANNEL target here is 1044 which will take TIME to achieve.
Overall an ideal setup to chase on long side,
waya cash.