NIFTY supports are well defined, the upmove theoriticlly is incomplete as long as low of 17,774 is held on spot. To negate the (VIBRATION PATTERN) strength INDEX have to print 17,825. As long as 17,825 is intact, short term setup remains UP!
NIFTY BANK is a shade weeker then NIFTY, but here also next leg down can resume only below the DECEMBER low of 41,569 on cash. TIME wise 13th,january is very critical followed by 18th and 23rd,january for both INDICES!
Todays decline is a point of concern but better to wait until levels breaks. In U.S. MARKETS $S&P;500; have completed minimum projections of 3,940 yesterday, now 3,825 would be a key level to watch. If 3,825 holds we could have an extension for this upmove, but if 3,825 breaks we could see 3,751 once 3,751 breaks it will enter in its next stage of correction which would be very sharp. Let’s watch. How it goes!

NIFTY protected the DECEMBER low of 17,774, so on expected lines PRICES are likely to test CHANNEL mid point, which comes at 18,300 on spot. (VIBRATION PATTERN) for (NIFTY) too is suggesting level of 18,275 on upside. So for few days, setup is (BULLISH)!
This is likely to be a misleading upmove in context of overall structure. Once this upside is done, we are likely to witness a waterfall decline which would be very sharp. Let’s see for now trades are for upside!

NIFTY is setting up for a waterfall decline but not in immediate term. If 17,774 is protected then there is 1,more upmove possible till 18,300 once that’s complete we can see a massive drop till 17,300-17,500, watch out closely!

NIFTY is week there should be no doubts on that. But if your view is for very short term then this is an ideal time to book a portion of your profits. Can again re-enter on higher levels. We are watching the DECEMBER low of 17,774 very closely.
We don’t want to assume anything, on S&P cash we still require a break of 3,751 to get totally convinced that next leg lower have begined! Until we get that, we cannot have collateral decline in global markets.
So until we are very clear on global setup we don’t want to get super aggressive at current levels. Let’s see if we get more clarity during the evening. Be watchful in short term. Rest structure is well defined.

INFY have given a structural breakdown. Any notable upsides till 1,510-1,540 is unlikely to sustain. Should be utilized to add shorts. CYCLES have aligned appropriately for a decent correction in Coming days!
For near term 1,438 is a (VIBRATION PATTERN) support once this breaks it can decline till 1,387 and 1,324 on cash going forward. 1,387 is also a (HEXAGON) level to watch on downside below 1,387 completion point of PATTERN is at 1,265

BRENT continues to follow the path of (SQUARING PATTERN) breakdown which we identified back on NOVEMBER 21st. Earlier we did achieved our Target objectives of 83$ and 75$ which was discussed earlier. It did gave that bounce after printing 75$, but that got sold very quickly. 75$ is still a critical support here, once this breaks convincingly it should test 66 which is very important level. at 66$ (BRENT OIL) would complete multiple Gann PATTERNS.
This expected selloff in OIL would come off during the broad selloff in EQUITY MARKETS. Whether we have reached that point or not? Level of 75$ holds that answer! Above 75$ consider all is well.

NIFTY gave a daily close below 18,068 yesterday which gave us the conformation that TIME is still BEARISH. So structure continues to be very week and probability for a print of 17,578 during the month is still considerably high, 17,578 is our pending HEXAGON Target on downside.
But so far PRICE PATTERN have not conformed that recent high of 18,265 is a final high, to confirm that NIFTY spot have to break 17,948, with VIX under 16 it’s tough to get back to back down days.
Hens we are not expecting vertical decline for now until PRICE PATTERN provides additional conformation. NIFTY BANK too needs to break 42,300-42,600 zone to trigger a hard drop. So we still prefer to sell rallies, tom imp date, watch out.

$S&P;500; have entered the (NEW YEAR) with very week Technical structure. In our review here on 16th,DECEMBER 2022, we were very clear that the counter trend bounce which got started from OCTOBER lows has ended and MARKETS again have turned lower.
and MARKETZ have turned lower after that. For very short term we have been considering few OPTIONS. 1, of them is a bounce till 3,910-3,930 if this bounce takes place then, it would be followed by very sharp decline. Which can drag prices below 3,751 and once 3,751 breaks, this decline would enter in its next stage, which wont be a choppy decline.
If 3,751 breaks without a bounce then also it’s fine, but 3,751 remains a critical level for very short term. For positional traders there is a PATTERN clarity. The print of 3,840 before (CHRISTMAS), Have triggered a (HEXAGON(,+,(HARMONIC CHANNEL) breakdown, which have clean price objectives for 3,521-3,571 positionally on S&P cash. Let’s see how the short term setup unfolds, but there are no tiny doubts with positional setup. That’s it!

NIFTY is still in holiday mode. Nothing really happening. Last Friday we discussed we need a daily close below 18,068 to role down. we still await that. So until we get that, for very short term setup will remain absolutely sideways.
MARKET is not willing to move even 1% in a single direction. The volatility is contracting with each passing day. Volumes too should get back to normal from today, so need to be prepared for increased action from Tomorrow.
Now all these things would materialize on BEARISH side only if we break levels on downside. On TIME front 4th&6th Jan would b critical dates for this week. The major swing for 5-6% move would be on downside. Need to wait until that unfolds.

NIFTY have tested 18,250 this morning; so the pull;back which started from lows made on MONDAY has reached its ideal projection. Now we await a short term reversal which as posted on wednesday, would trigger below a daily close under 18,068 on spot! Same criteria applies for NIFTY BANK as well!
Thee real action would start from next week, because volumes are very low which usually happens during the end of DECEMBER every year. If MARKET takes TIME to close below 28th,DECEMBER low then it would again play out another TIME consuming pattern for a week or two!
Last 2 months have impacted the mind set of all market participants. People have forgot the basics of MARKET operations just a week back everyone expected 17,000 today level of 19,000 is back on table, let’s se what happens. Would be intresting to see how long it takes for market to close below 28th,low!