NIFTY if gives a daily close below yesterdays low of (17,045) that would continue to keep short-term TIME CYCLES bearish.
MARKET had a decent opportunity to rally in past few days, but we dint got any material upside.
Going forward if it do not close below yesterdays low,some upside is still possible.
As a trader fresh entry is only ideal in zone of (17,300-17,500) if having view for next 6-8 weeks.

If this zone does not come then, fresh entries would be tough, better to continue with whatever you have.
NIFTY BANK most probably would lead next leg lower.
Few banking STOCKS have allready given primary indication for major down move,
Specially SBI and ICICI;BANK would be key drivers on downside as and when crack unfolds.

RBLBANK has broken down from a very strong PATTERN.
Can also consider this as a (SQUARE OF 9) breakdown.
Every upsides till 150 should be utilized to sell, for PATTERN TARGET of 110 in coming days.
Once this goes below 110-105 zone, the low of 74 would be in serious trouble.

NIFTY have escaped immediate collapse for now,,
Even though it narrowly broke (16,850) it was pulled higher by decent recovery on (NIFTY BANK)
Now this has been a PATTERN since late DECEMBER,
Recoveries in (NIFTY BANK) is always misleading.
Every rally since late DECEMBER have resulted in new lows,
This TIME too wont be different.
As I posted on MONDAY, whatever market does in short-term it would have no material impact on overall Structure, even if it goes higher then also it’s unlikely that the BEARISH trend gets reverse.
So rallies are only an opportunity to add shorts if you have missed prior declines,to add fresh shorts,
look for sharp and violent upsides to add shorts,
Safe shorts would be in zone of (17,300-17,500) for fresh entry, not sure whether we can go there or not, but have to keep OPTIONS open for that,
Tomorrow we have a critical CYCLE date, so tomorrows low would be critical for short-term, a daily close below tomorrows low would continue to keep short-term TIME CYCLE bearish.
But before that, tonight we have an event,
in U.S. MARKETS which in technical parameters would be very significant, todays closing would be important for (S&P) If it close down even by 1 point Today, then near term consequences would be very BEARISH.
Lets watch,
Intresting 24,hours coming up.

RELIANCE have been constantly making Lower Lows for past several weeks and months.
This so far have been playing out according to our expectations.
We had our review here on 13th,JANUARY, Back then we had projected level of (2256) on downside.
STOCK have tested that and gone even below that significantly,
Infact it tested its 2022 lows of (2180) Yesterday,
Going forward we expect this stock to break (2180) and make fresh 52,week low

Our view here is bearish since early december.
From (2755) this has fallen down till (2180) and strange part is people are still bullish here.
We dont mind that, but in our opinion we can see this stock somewhere near (1960-2000)
For fresh entry all upsides till (2350) Should be utilized to sell.
If that doesnt happen then a daily close below (2150) would put it in lower square which would signal level of (2030) in near term.
Watch out for these levels.
Downside is not over yet.

NIFTY selloff shall accelerate below (16,850) on spot
On downside there are 2 levels to watch,
1, is a (HEXAGON) target which is placed at (16,660)
and
2, (HARMONIC CHANNEL) target which is placed at (16,550) below (16,850) both levels should get tested rapidly.
If (16,850) is held, then market will escape immediate collapse, it may consolidate further for some more days.
TIME wise this week would be very Important,
TOMORROW is MARCH EQUINOX which is widely followed, but I wont put greater significance on that.
For me, most significant CYCLE date is due on 23rd,MARCH.
Specially the low of 23rd,MARCH would be critical going forward.
Whatever market does in short term, whether they go up a bit then also it’s highly unlikely that we get a dramatic turn on upside.
Going forward it wont be a question of WILL,
it’s only the matter of WHEN.

NIFTY have printed fresh quarterly low Today.
So now along with weekly, and monthly, we now have a quarterly breakdown as well.
With each passing day structure for (NIFTY) is getting more and more BEARISH which in 2/3 months TF can drag prices towards (15,183) and even below.
Need to wait for sharp rallies to add fresh positions.
NIFTY BANK have not broken its previous quarterly lows we believe it’s just a matter of TIME before that happens.
For short term things should slow down a bit, we discussed 16,800 as critical level in near term markets have took Support there,
But the bounce after that seems corrective, it would be better if todays low hold and prices goes sideways for 1 or 2 days before next leg lower starts.

NIFTY tested genuine supports Yesterday,
Level of (17,035) was very Important in broader context,
We broke that Yesterday, so things are going to get more ugly which further validates our BEARISH outlook on MARKETS for MEDIUM term,
Note the phrase (MEDIUM TERM) !
Todays bounce seems a week bounce,
Anything which stays under (17,240) would be considered as a week bounce.
Above (17,240) things should go neutral for short-term.
BANKS are more week,
NIFTY BANK should test (38,100) and NIFTY (16,800) in near term,
Lets see.

L&T is holding up well dispite all market turbulence,
We believe it’s just a matter of TIME before this STOCK also join markets on downside.
This recent consolidation is an opportunity to get in for some shorts.
Prefered entry would be closer to (2200) on cash.
This may take its TIME to fall, but at this point we want to trade STOCKS who are at their early stages in decline,
Coming to its PATTERNS now,
STOCK recently gave a (HEXAGON) breakdown below )2120) its PATTERN objective is (1960) in medium term,
For short term minor support is at (2100) once that breaks it should move down till (2035) and (1960) eventually.
TIME wise next week would be very critical.

NIFTY is sinking hard,
Last FRIDAY we were looking at 3,levels on downside,
Levels were (17,227) (17,100) and (17,035) so far we got (17,227) and (17,100) on spot,
Next level we are watching,
Very closely is (17,035) this wont be an easy level to break,
But looking at the PATTERN placement we expect the break of this level in Coming days,
Any bounce till (17,500) must be utilized to create fresh shorts.
Dont fall for news narratives,
This MARKET is not falling because of any news,
TIME CYCLES are real problems.
And when short term CYCLES are turning BEARISH markets are collapsing like anything.
The short term CYCLE dates are due next week,
So for short term there is no relief this week,
In case market does rally that would just be a trap,
Genuine support is closer to (17,000) for short term.

M&M is flashing indications for a major trend reversal.
The print below (1,211) today have certainly conformed more PRICE pressure going forward.
There are 2,PRICE PATTERNS which are Trending lower,
1, )VIBRATION PATTERN)
and
2, (SQUARING PATTERN)
and both PATTERNS are suggesting levels of (1161) and (1110) on cash in Coming days.
TIME wise 17th,MARCH would be an important CYCLE date.
We mostly have a major TOP at (1397) here,
Let’s see,
Auto as a sector should be next to go under HAMMER.