Amazing volatility. You must have seen Traders trapped on both sides today. Be very careful with over-night positions. A careless approach can kick you out of markets forever. Our plan is simple
Keep positions very light and keep in mind the underline trend. Levels were shared in morning.

HDFC:BANK. Is at a very Tricky point in a major Price Channel. There is a clear price rejection in the zone of 1560-1580 on higher levels. It certainly would be in deep trouble if it does not cross this zone. For us it looks very tough that’ it’s going above 1580 in near-term. Based on our pattern studies we strongly have a bearish view. It should first test 1401 on lower side followed by 1285 in medium term. The broader pattern of (TRIANGLE) is trending lower here. If something extra-ordinary comes out. Then it’s a different case
In normal conditions we see no reason why Targets shouldn’t achieve. Would take time but targets should be achieved.

The Pull:back continues in (NIFTY). Moving Trailing:stops higher from 17,090 to 17,220 on Spot! Short-term setup now would turn week below 17,220. In case the pull:back extends further till 17,700 then would prefer a short trade on (April Futures) NIFTY still have to complete its unfinished business of achieving the (HARMONIC CHANNEL) Target of 16,550 and breaking its low of 16,410 made in December. For Option Traders
Working in short term. Look to avoid buying options who have delta above 0.5
Intraday guys also avoid selling options. Markets are going to stay volatile and volatility would continue to increase.

NIFTY broke 17,120 And already is giving 140 points of profits. And the figure still going up. It’s still nothing more then a pull:back. Simple Law of Gravity. Take care of over,night positions. As I mentioned in morning, control your risk in such a volatile market. Enjoy the Volatility. Tough market to trade but still we are managing to clock decent profits. The plan has to be followed. Booking Part,Profits here rest Trailing SL at 17,090 next short trade below 17,000 onn spot. Till then Bulls Enjoy!

Above 17,030-17,120 NIFTY might attempt a Temparary pull:back. But tough to sustain on Higher levels. We were very clear last week: on the direction of NIFTY
Multiple times we expressed our bearish view. The initial expectations were clear that NIFTY certainly is breaking its swing lows! And yesterday it broke its January lows. Sooner or later U.S. Markets also would break there January lows. Just a matter of time! Expecting that today or tomorrow won’t be an appropriate thing. That’s not how market works. How many days we se NIFTY going down by 3% in a day. A bearish view doesn’t mean that market would go down a % each everyday! I still would like to put it this way. If you throw a Tennis ball hard on a solid surface. Then the first bounce would be higher then the subsequent bounces always would be lower then the previous bounce. In TECHNICAL ANALYSIS this process is called lower tops! So try to understand this point. So far the Volatility has worked in our favour. Doesn’t mean that we trade carelessly. We only can control our risk so focus on that. The volatility is still higher so no point taking extra amount of risk!

SBI:LIFE should be sold on rallies till 1135-1155. Targets are very aggressive here
Expecting 1036 here in coming days. It just given a Larger degree breakdown Today!

So far NIFTY is unable to sustain below 16,950-17,000 which is required to get the momentum going on downside. If NIFTYY doesn’t sustain below mentioned zone then we could see a minor rally. Ofcourse to re-test lows. Also watch:out for Todays closing. If it closes below 17,060 then it would be the lowest Closing in last 8 weeks so do take a note of that!

RELIANCE
below 2300 Would give a HARMONIC PATTERN breakdown. Targets would be 2251 and 2180 on cash in Coming days! Few patterns are signaling significant downside here but with RELIANCE I won’t take that chance!

For (NIFTY) 16,950-17,000 is a strong (TRIANGLE and VIBRATION PATTERN) support! Needs to sustain below that to test 16,800 and 16,650 on spot. The (HARMONIC:CHANNEL) Target for NIFTY is firmly placed at 16,550 in Coming days! Do,not get carried away with Volatility. That’s here to stay. Focus on your Trading Positions!

ICICI;GI. Would give (TRIANGLE+HARMONIC PATTERN) breakdown below 1300 for the Pattern Targets of 1262 and 1221 on cash in Coming days! The Longer term setup is looking very week here!