HDFCBANK is again approaching its ultimate PATTERN support of 1380,
NIFTY;PVT;BANK yesterday broke its JANUARY LOW,
so there is a real risk that 1380 shall break.
Once 1380 goes PATTERNS would activate targets of 1325 and 1270 on cash.
Watch out.

MIDCPNIFTY is in its 45th,week from its MARCH,2023 LOW.
So there is a possiblity that yesterdays high here is a likely TOP.
Price Wise 10,600 is a key PATTERN support if that breaks we could see 10,430 and 10,225 on cash in coming days.
TIME wise 15th and 16th,FEBRUARY are significant CYCLE dates here.
BROADER MARKETS are feeling good amount of pain today,
Or view is this can further intensify in coming days.

NIFTY got that decisive move post RBI POLICY as we discussed in MORNING.

On expected lines INDEX stayed under the zone of 22,090-22,120 and have drifted lower towards its major support of 21,600 on downside.

Once 21,600 breaks we would get SQ,9,breakdown which would have target of 21,150 in next few days.

Since today was a key date a daily close below todays intraday LOW would turn TIME completely BEARISH.

NIFTY is likely to make a decisive move post RBI POLICY today,
since todays POLICY EVENT have coincided with an IMPORTANT CYCLE DATE this had made things very intresting.

On PRICE front the zone of 22,090-22,120 is a near term PATTERN resistance if that gets taken out on upside then that would open up a likely possiblity for a test of 22,300-22,450 on spot.
As long as INDEX stays under this zone of 22,090-22,120 setup would stay vulnerable to drift towards its major support of 21,600 on downside.
TRADES on both sides have element of extra level of risk involved in them,
hens better to approach it with thin volumes.

As of now we dont have parity on PRICE and TIME PATTERNS  which we earlier had from mid of NOVEMBER to early JANUARY.
So this extra level of risk would persist until PRICE and TIME achieves their alignment.
EARLIER we discussed 7th&8th,FEBRUARY are key CYCLE dates,
once we get the INTRADAY range for both these dates then we would use that to our advantage.

$S&P;500; and NASDAQ;COMPOSITE are eying magical figures of 5,000 and 16,000,
In our last update here we posted on an expected pullback on both these INDICES which did played out initially but post results from META that got reversed.

We also shared date of 1st,FEBRUARY as a very important CYCLE DATE,
so as long as INDICES are maintaining the INTRADAY LOWS of 1st,FEBRUARY on a closing basis technically there wont be any INDICATIONS for a REVERSAL.

Although PATTERNS have completed and we have everything which is required to get a meaningfull REVERSAL,
we still have to wait until supports are broken convincingly.

LEVELS of 4,840 and 15,150 are key supports once that breaks we could get MARKETS closer to january lows.
To add further to this,
DOLLAR and 10,year YEILDS have very strong setups,
higher highs are certain here.

NIFTY is still holding key level of 21,600 on downside.
Next 2 days are going to be very critical for overall MARKET
As we discussed on last FRIDAY the combined high of next 2 days are going to be very critical.
Post 8th,FEBRUARY next ANNUAL CYCLE DATE for NIFTY would be on 26th,FEBRUARY.

On downside 21,600 continues to be a key support,
As long as 21,600 is holding setup would continue to stay highly vigilant and volatile.
at the same time it also suggests a cautious approach on higher side beyond 22,090 on spot.
On NIFTY BANK level of 45,000 is that major level of support.
Once that breaks we would expect fresh LOWS for 2024

but as long as INDICES are holding their supports trading apportunities would continue to persist on both sides.

DXY has broken out yesterday with the print of 104.50,
On upside level of 105.10 is going to be a key,
a higher high above 105.10 would make a case for a test of 107.35 and 109.25 in next few weeks.
This anticipated upside in $ would coinside with unexpected developments in EQUITY MARKETS,
also GOLD and SILVER could revisit their OCTOBER,2023 LOWS simultaneously.
A risk off EVENT probably awaits us.

SBICARDS is approaching its longer term GANN-ANGLE supports from its 2020 LOW and 2021 HIGH.
Zone of 678-698 is very IMPORTANT.
A break of 678 would open up downside targets in zone of 585-615 on cash in coming weeks.
Technically LOWER LOWS are due here,
Let’s see when the fresh breakdown triggers.
month of MARCH is going to be very critical for this STOCK.

NIFTY after looking at todays intraday move reeders should have understood why setup demanded a cautious approach at higher levels.
see frankly it’s not an easy MARKET to trade,
there are certain calls which we have to take in real time based on INTRADAY formations.

As I explained few days back it’s a MARKET simillar to 2022 which was traders paradise,
wide and volatile INTRADAY moves would keep coming on every other day.
This same volatility would make next week even more critical.
So based on the current structure higher highs are not BULLISH and LOWER LOWS which holds 21,600 wont be considered as massively BEARISH.
Just trade the SCREEN for 100 to 150 points for INTRADAY gains.
or go for protective PUTS.
On NIFTY there is a tussle between BANKS verses AUTO and RELIANCE so a clean one way move is extremely tough to have.
In short have to remove the BIAS from trades to make MONEY.

NIFTY have entered the GAP-ZONE of 17,january,
So far that GAP has not close completely,
Let’s see how things goes.
Next week on TIME FRONT we have important CYCLE DATE for NIFTY;BANK on 5th,FEBRUARY and for NIFTY major monthly turn dates are due on 7th and 8th,FEBRUARY.
POST 7th and 8th,FEB next major date for NIFTY would be on 26th,FEB So the combined high of 7th and 8th,FEB is going to be very critical.
As per CYCLE EQUATIONS next week is going to be highly pivotal.
Irrespective of whether NIFTY makes a higher high or not setup would always demand a cautious approach.
LEVEL of 21,956 would be very important on closing basis.
If we get consecutive daily close above 21,956 then that would signal further higher highs.

until yesterday we were closely watching LEVEL of 21,385 as a PRICE-TIME-EQUALITY support,
after todays move that level have shifted higher at 21,600 on spot.
So holding 21,600 near term setup would continue to stay positive.