Category: STOCK MARKETS

MARKETS MID WEEK UPDATE

NIFTY have less then 48 hours to achieve our upside target objective of 22,325 on spot.
it cannot go on this way any more.
its baffling at the same time quiet hilarious that we are not getting even a 100 points of move on 1 direction.
Let’s see whether month end flows or MSCI rebalancing helps us to get those targets or not.

MONDAY was an important CYCLE DATE as we discussed earlier.
So as long as MONDAYS LOW holds on closing basis overall setup is likely to stay sideways to up.
Only a close below MONDAYS LOW would turn the setup BEARISH.

NIFTY BANK should be a key INDEX to track.
A print of 46,100 on cash would be a BEARISH sign.
A case for a waterfall decline could actually open up below that.
Watch out very closely.

RELIANCE should avoid the print of 2900 else entire NIFTY could feel the pain.
Things are approaching border lines critical 4 hours for MARKETS.

NIFTY UPDATE

NIFTY tested the half way mark of entire upmove from 21,530-22,249 at todays INTRADAY LOW and then turned higher.
As I have been mentioning since 15th,FEBRUARY  it’s a complicated setup not at all easy to trade.
if I.T.
&
RELIANCE doesn’t pick up from here then again selloff is likely from highs.
I had shared a simple target of 22,325 on spot,
but it’s not happening.
still as long as spot closes above 22,000 or holds the print of 21,850 we still have to stay open for upside target.

NIFTY UPDATE

NIFTY as of now should easily have achieved our upside Target objective of 22,325 as we discussed yesterday.
but for known or may be unknown reasons it’s taking more TIME.
let’s see what TOMORROW have in store for MARKETS.
If MARKET avoids a GAP-DOWN tomorrow then target is coming tomorrow but its risky.
we already discussed on critical support yesterday which continues to be at 22,000 on closing basis.
since we have a MARKET moving EVENT tonight so better go HEDGED for TOMORROW.

NIFTY EOD UPDATE for 20/02/2024

NIFTY on anticipated lines continued higher.
in yesterdays EOD POST we discussed the near term PATTERN target of 22,325 on spot  which still continues to be a pending target to achieve.
As we discussed in SUNDAYS post from MONDAY to WEDNESDAY MARKETS could stay up,
the real test of this upside is due from THURSDAy onwards.
SUPPORT for NIFTY is at 22,000 on closing basis.
So this throw over move is likely to continue as long as 22,000 is held.

NIFTY BANK with todays upside may certainly have created excitement in majority of traders but during next 3 days that should again dial back.
HDFCBANK is our top pick for our short accounts in 2024 so in next few days we would certainly utilize this move.

That’s it for today,
See you guys TOMORROW.

NIFTY UPDATE FOR SUBSCRIBERS

NIFTY since 29th,JANUARY has been giving a daily close within the range of 21,600-21,950,
although the overall range has been 596 points.

So going forward if 21,950 is cleared on closing basis then that could open up way for another overthrow high above 22,126.
but that too would again be sold off!

As I posted yesterday,
it’s a TRAP,
and our objectives of 21,150 still continues to persist.
with or without a new high.
life would had been much simpler if NIFTY spot would had stayed under 21,860,
but that’s not the case and we would have to deal with such complex setup.

Since INDEX has been in a tite range everyone is trying to catch the next wave of move,
and our sense is post initial turbulence trend for the entire MARKET is likely to resolve on downside.

next few days and weeks should validate our view,
let’s see.

see even if we keep GANN theory or any other analytical FORECASTING methods on one side.
MARKET internals consistently have deteriorated since past few sessions.
So that further gives us more comfort with our view.
I publicly never share things in such details my job is to present you facts and my own view based on those facts.
I am not here to to prove anyone wrong or convince you with my own view.
RISK MANAGEMENT is always a key element in trading and I share that regularly in my EOD UPDATES.