RELIANCE have its results scheduled today after the BELL


before this important EVENT technical setup here is moderately positive.
STOCK has done extremely well since its OCTOBER lows.

stock have its strongest PATTERN support placed at 2638,
as long as that holds fresh highs are likely beyond 2850,
If 2638 breaks then it should test levels of 2530 and 2450 on cash in next few weeks.

MONDAY coincidently happens to be an important TIME CYCLE DATE for RELIANCE along with NIFTY.
so let’s see,
Historically RELIANCE have an intresting PATTERN to correct post its RESULTS.
hens watch out for 2638 very closely.

ICICI;BANK; has been very sluggish,
RESULTS are due on 20th,january,
If we keep this EVENT on one side,
then its setup is slowly turning BEARISH.
since the high registered here on 15th,DECEMBER,
STOCK has done nothing. We are getting initial signs for a decent correction here,
950 is an ultimate support,
Once that goes NOVEMBER lows are certain.
Just looking at results here I would prefer to hedge short trades with 1000 call for the current series.

NIFTY has been moving very rapidly.
we dont have this habit to see back to back big down days in our MARKETS.
LEVELS are very wide on both sides.
but yesterdays close below 21,620 gave a clear indication for further expansion on downside.
Todays intraday print below 21,300 on spot have confirmed a significant breakdown on NIFTY.
This breakdown have potential to test levels of 21,050 and 20,750 on spot in coming days.
We discussed on BANKS and I.T. INDEX yesterday,
BANKS have broken more badly then what I originally thought.
but if you think it’s too much!!

then what happens in next 8 to 10 weeks may further surprise you.
I.T. too have accelerated its decline.
accept RELIANCE everything on NIFTY is looking week.
on NIFTY pattern resistance is placed at 21,600 to 21,700 any recovery attempt which stays under 21,700 should be utilized to add shorts.
If you can manage the risk then look to add protective PUTS for MARCH,
that should be a perfect trade from here.

NIFTY;BANK breaking 46,800 on a key CYCLE DATE is not a good sign for overall MARKET.
Still a daily close below 46,800 would make things technically BEARISH.
Once it closes below 46,800,
that can potentially mark the TOP for NIFTY;BANK at its DECEMBER high of 48,636.
NIFTY;I.T., too is developing signs for a near term trend shift,
the MONDAYS high of 37,929 could hold for few weeks.
and this INDEX too can under-go some consolidation with a negative bias in Coming days.
Now what this means for NIFTY?

for NIFTY it’s not completely BLACK or WHITE,
with todays gap down below its support of 21,850 INDEX has again entered into a sideways territory.
Not in a negative territory yet.
but if NIFTY spot starts to close below 21,620-21,650 then that too could enter a BEARISH zone.
Particularly for NIFTY INTRADAY LOWS of 19th,and,22nd january would be absolutely critical.

NIFTY have strongly extended its strength which it had on PRICE PATTERNS.
once it took out 21,834 on FRIDAY,
it took no TIME to achieve the PATTERN objectives of 22,000 and 22,090 on spot.
Going forward this momentum should continue as long as INDEX holds 21,850 on spot.
Any sharp dipp which manages to hold 21,850 would b an ideal level too pick longs.
On TIME front TOMORROW is a key CYCLE date for NIFTY BANK since NIFTY BANK has held 46,800 PATTERNS continues to stay BULLISH here.
for NIFTY next CYCLE dates are on 19th,and,22nd,JANUARY.

HDFCBANK is approaching a significant PATTERN support in zone of 1610-1622,
if STOCK manages to hold its support then it can retest its recent high of 1721 once again,
but if it breaks beloe 1610 then it should test levels of 1565 and 1515 in coming days.
15th,JANUARY is a very critical CYCLE DATE here,
To maintain the BULLISH case here stock must sustain above intraday LOW of 15th,jan.
Results due here on 16th,
so should be intresting.

#GUJGAS, today achieved target of 525 supports have moved higher to 505 as long as that holds most likely it should test next Target of 560 on cash in coming days.

$S&P;500; and NASDAQ;COMPOSITE have registerd a very smart recovery from last weeks LOW.
We were closely monitoring major support zone of 4,650 on S&P and 14,400 on NASDAQ,
both INDICES went very close towards those supports and then recovered.
We were expecting MARKETS to break through its supports but they are still intact.
and as long as they are intact the rally is likely to keep extending further.
today we have an EVENT lined up,
Hens it doesn’t matters where MARKETS open,
thing which matters is where they closes.
On S&P 4,820 is a key level to watch.
above 4,820 it can test 4,900 and NASDAQ above 15,162 can test 15,500 on cash.
12th and 15th,JANUARY would be important CYCLE DATES so intraday LOWS of both dates would be critical.

NIFTY yesterday dramatically tested 21,450,
but the immediate reaction after testing that support was strong.
So PRICE PATTERNS are still in a better shape.
No weekness atleast on PRICE front.
INDEX has been consolidating since last 10,days,
without breaking its supports.
Although MARKET have sustained below FRIDAYS LOW which have turned near-term TIME CYCLES BEARISH but so far a failure go through its supports is unlikely to produce a meaningfull TRADE.
As I have been highlighting since several days,
A perfect short trade is on offer below 21,300-21,450 zone.
Need to wait until that happens.
On upside 21,834 is a key level to cross once that gets taken away levels of 22,000 and 22,090 could be tested.

NIFTY;BANK; has printed a very critical level this morning.
the zone of 46,800-47,000 is an extremely Important Support zone both on PRICE as well as TIME parameter.
So if 46,800 breaks on spot,
then,
that would indicate a strong pullback in coming days.
On TIME front 20th,DECEMBER was a major CYCLE date here.

not because it had a major Intraday collapse on that date,
but because it was a PRICE&TIME SQUARING date from MARCH-2023 low.
So a close below 20th,DEC low would make setup further BEARISH.
Next important CYCLE date here is on 17th,JANUARY,
and the PRICE-TIME-EQUALITY level from the LOW of 38,613 is at 46,840 on spot.
If INDEX sustains below 46,840,
then that could drag prices towards 46,000 and below that most probably should challenge the lower edge of 4th,DECEMBER GAP.