NIFTY is setting up a perfect trap for BULLS.
lucrative INTRADAY candles may look good to keep PRICE records other then that it does not have any meaningfull impact on overall technical setup.
2,STOCKS which are lifting up INDICES are SBI and RELIANCE,
SBI should be at its final stages from its move from 2023 LOWS.
but RELIANCE may still have some more upsides to work with.

for NIFTY 21860 is critical a complex PATTERN is likely to play out above that.
We still have enough TIME till 26th,FEBRUARY to test levels of 21,150.
Next few days shall be intresting.

$S&P;500; and NASDAQ;COMPOSITE plunged yesterday post CPI print.
but before that both INDICES tested their magical figures of 5,000 and 16,000 as we discussed on 7th,FEBRUARY.
still we would conservatively call this as an anticipated REVERSAL not a technical REVERSAL.

until INDICES are holding 1st,FEBRUARY LOWS on a closing basis we do not want to consider it as a technical REVERSAL.
19th,FEBRUARY is again a very IMPORTANT CYCLE DATE so things are likely to get more dramatic going forward.
4,840 and 15,150 continues to stay critical PATTERN support.
A lower low below 4,840 and 15,150 would open up ways for JANUARY LOWS.
earlier we also discussed on DXY and 10,Y,YIELDS both have done extremely well.
Going forward we would look for 106 on DXY and 4.55 and 4.89 on 10,YEAR YIELDS.

RELIANCE is likely to hold NIFTY from a one way decline.
it’s the only strong setup which may still have some more upside left with it.
In JANUARY we discussed 2638 as very important support,
we thought it would break but some how that was saved.
and post that it have shown a remarkable upside.
PRICE and TIME setups are very strong here,
which can help it to push towards 3040-3100 on cash.
2820 is a key support a break of that would trigger a REVERSAL.

HDFCBANK broke below its significant PATTERN support of 1380,
we have discussed this level multiple times since last 3 weeks.
so this going forward actually rules out any meaningful reversal.
unfortunately there is a genuine risk that this STOCK would retest its 2022 LOW.
After 2020 this is for the first time that STOCK have clocked a LOWER LOW on yearly TIME FRAME.
FOR short term 1325 is key support followed by 1271 on cash.

NIFTY dispite todays upmove continues to stay HIGHLY BEARISH on PATTERN front.
TOMORROWS session would be very intresting,
post CPI print I am expecting very sharp cuts on all U-S-INDICES.
WHICH would result in a decent GAP-DOWN tomorrow in our MARKET.

Technically as long as spot stays under 21,860 setup for very short term would stay absolutely BEARISH for targets of 21,400 and 21,150.
BANKING INDEX is bluffing that would be the first to break below january low.

If things does not go on expected lines then also until 26th,february or likely before that we anyway should get 21,150 on our screens.
So I am very much clear on that.
Let’s se how things actually unfolds during next 24 hours.

NIFTY with yesterdays close have triggered a PRICE&TIME breakdown.
So this have resulted in a TREND shift from sideways to BEARISH.
this conformation would provide us great amount of comfort to sell all upsides from here.
As we discussed on last THURSDAY a break of 21,600 have generated a SQUARE OF 9 breakdown which have target objective of 21,150 on spot in coming days.
INDEX on surface is still stable,
but the manner in which broader market have sold off since FRIDAY is concerning,
As I shared earlier there could be a TOP in place for SMALLCAP and MIDCAP INDICES.
a lot would depend on this initial decline specially how much INDICES are giving away from their gains since OCTOBER LOW.
For overall MARKET the decline from HIGHS is very much LOCAL.
GLOBAL MARKETS since past 2,weeks have done well.
Today should be a real test for GLOBAL INDICES as well.
if post U-S-CPI INDICES turns lower then that could trigger a much anticipated REVERSAL in GLOBAL MARKETS as well.

HINDCOPPER is approaching its PATTERN support in zone of 244-251 on cash.
If this zone breaks then STOCK can test levels of 226 and 208 in coming days.
RESULTS are scheduled tomorrow.
Practically STOCK is more sensitive to international COPPER prices,
there too we have a BEARISH view in near term.
if COMEX COPPER breaks 3.597 we could see levels of 3.344 in next few weeks which would be a significant cut.

NIFTY still have to close below the INTRADAY LOW of 8th,FEBRUARY which was 21,665,
along with that it also have to break its major support of 21,600 to indicate a BREAKDOWN.
until both these criteria are met together we would continue to stay in an overall sideways MARKET.
next major CYCLE date for NIFTY is on 26th,FEBRUARY,
but before that on 19th and 20th,FEBRUARY we have PRICE&TIME SQUARING DATE for NIFTY from its OCTOBER 2023 LOW.
so we have to watch for MARKET conformations during this week.