NIFTY is in a neutral zone before todays EVENT of BUDGET but before we focus on the daily setup,
today let’s discuss on the MONTHLY setup.
since the move from OCTOBER LOW of 18,838 the MONTHLY BARS of NOVEMBER and DECEMBER were absolutely BULLISH.

BUT the MONTH of JANUARY has shown clear exhaustion of trend.
This is not that BEARISH at larger degree of trend.
but it can turn BEARISH if we get a negative monthly closing in FEBRUARY.
Let’s se,
MIFTY BANK have already registered a significant breakdown which can further intensify below 44,000.
also we got that anticipated REVERSAL BAR on U-S-INDICES yesterday.
which could make things really intresting in coming days.

For short term specially for today levels are not going to matter much,
21,385 has been a key level which we have been closely tracking since tuesday,
So as long as that’s holding extreme short term trend would stay sideways to positive.
Still we should get more greater clarity post todays EVENT.

GUJGAS has continued its strength throughout the month of january dispite sharp moves on headline INDICES this STOCK has firmly held its supports.
Our view has been very BULLISH here since it took out 464 in early january,
We were working with the Target of 560 here since 11th,january which were easily achieved.
going forward level of 593 would be absolutely critical,
a close above 593 can take it in zone of 640 to 660 in coming weeks.

NIFTY have tested its resistance of 21,800 today,
So for short term the level of 21,677 is going to be a key support,
as long as 21,677 holds this move should continue on higher side.
MARKETS would deal with very critical EVENTS in next 2,days,
so the on screen price action would hold greater significance then pre-planned levels.
Looking at INDIA VIX yesterday and today our sense is the impact of both these EVENTS could be very volatile
Let’s see how MARKETS reacts during next 2 days.
above 21,800 things are BULLISH and below 21,677 they are not BULLISH.
the ultimate breakdown is placed below 21,385 which is a PRICE-TIME-EQUALITY LEVEL as we discussed yesterday.

NIFTY;BANK have a key date today,
so as we discussed on last thursday todays intraday LOW combined with 5th,FEB LOW is going to be absolutely critical.

BANKING INDEX is going to be very critical going forward.

this week is an important week because we have BUDGET and FOMC meeting during the week.
for U-S-MARKETS specificlly we are expecting a REVERSAL to begin most likely in 2nd half of this week.
for INDIAN MARKETS after a 987 point correction on NIFTY and more then 4,000 point correction on NIFTY,BANK it would be fine if we attempt some bounce.

RESISTANCE for NIFTY is at 21,800 on spot,

Rallies are still an ideal apportunities to short but only for MARCH series.
for extreme short term wide intraday swings would help to make profits.
Our positional targets continues to stay at 21,050 and 20,750 on downside,
but that will take TIME.
for NIFTY the PRICE-TIME-EQUALITY level from 22,124 comes at 21,385 on spot,
so use this level as an indication for the resumtion of another leg lower.

NIFTY;BANK have out played all BEARISH expectations which anyone would had 2,weeks back.
15 days back I shared level of 46,800 as a very important support break of which would indicate a decent decline atleast till the GAP zone of 4th of DECEMBER.
And on expected lines that gap is filled yesterday.
going forward some consolidation would be healthy,


level of 44,000 would be an important support,
A break of 44,000 would open a fare possiblity for a test of OCTOBER LOW of 42,105 on cash.

volatility has gone up significantly higher and going forward it’s likely to increase further.
Hens on lower TIME FRAMES trading apportunities would be on both sides.
directionally the setup has turned extremely BEARISH.
on TIME front 29th,january and 5th,february would be very critical.
Especially the intraday low of both these dates would be key pivots to track.

$S&P;500 and NASDAQ;COMPOSITE have achieved their respected Targets of 4,900 and 15,500
Post fresh highs both these INDICES requires a pullback.
A sizable pullback.

PATTERN looks complete on both INDICES.

with this kind of a setup 8 out of 10 times MARKET can post a sudden or an unexpected REVERSAL BAR.
need to be watchful for that.

Next major CYCLE DATE for both INDICES are due on 1st of FEBRUARY,
which also would be an event day.
4,820 and 15,400 are very important support,
breaking these levels would be a BEARISH sign.

HDFCBANK have printed the exact intraday LOW at 1380.
Yesterday we discussed this level as an ultimate support for this STOCK.
stock have registered a sharp recovery after testing its support.
Going forward if we want this STOCK to stabilize or recover along with NIFTY and NIFTY;BANK then todays low must hold.
A lower low below todays intraday low on HDFC BANK would create a dramatic panic in overall MARKET.

for NIFTY the unusual turn from the high of 22,124 is giving us that simillar sense which we had in 2022,
the MARKET dynamic so far are further confirming that.
We just love that kind of a MARKET and trading in such MARKETS is always a real paradise for a TRADER.

Technically NIFTY have broken all PATTERN supports,
specially the breakdown on HARMONIC PATTERN is more significant for us.
Downside target objectives continues to stay at 21,050 and 20,750 on spot.
There is no hurry to get there but gradually market is likely to drift lower.
exploit further rally to add shorts if you have missed the move from yesterdays high.
Protective puts for MARCH have done extremely well which I suggested earlier.
That going forward would continue to generate value in coming days.

MONDAY coincidently happens to be an important TIME CYCLE date for RELIANCE along with NIFTY,
hens we have seen RELIANCE moving towards its major support of 2,638,
which is likely to break,
Since yesterday was a Trading holiday,
so we have seen VIBRATIONS coming along TODAY.
NIFTY too have seen a dramatic intraday REVERSAL today.
this should not be a coincidence,
21,285 is key level to watch,
If that goes test of 21,000 is likely.
I already shared the structural view earlier.

HDFCBANK have its ultimate supports placed in zone of 1380-1400 on cash.
Once that goes next target would be 1270.
Watch out for 1380 very closely it still could attempt a meaningfull recovery holding that.

IGL is attempting a larger degree breakout,
Once it takes out 457 the PATTERN breakout should get confirmed.
457 also happens to be a PRICE-TIME-EQUALITY level,
if STOCK sustains above that,
then
it should test levels of 490,
527 and 576 on upside in coming days.
Can even test 800 in next few months.

One of those strong setup to buy and hold.