Last 2 weeks has been Incredible for Markets. On NIFTY we saw levels of 17639 on upside and 16410 on downside. Earlier in the month I mentioned why both weeks were Importamt on Time Front. But now when both weeks are behind us it’s time for Markets to relax a bit at least for a week. Market has to consolidate before making next move. The best approach to Trade this Market would be to take short term View. Don’t put Yourself in a Tough Position as a Trader. Need to eliminate the thinking of a Bottom or a Top. There is a process of Conformation which takes time to complete. NIFTY have a real challenges on Higher side. The zone of 17230 to 17450 have multiple rejection points. Until this zone is not crossed the broad structure won’t turn positive. On downside strong support is placed at 16780 which if breaks, can drag the Index till 16625 and 16415 on Spot. Monday is the only Vibration Date we have this week. If NIFTY manages to protect its supports then we shall end this Year on a good note.

WIPRO. should be bought on dipps till 670 to 680. For the targets of 718 and 750 on cash. It is Making a move after a Long Consolidation. So if Pattern supports holds then good move is possible on upside. For now Cycles are Trending on Upside.

NIFTY Looks fine. Tested the zone of 16950/17050 Today. From here supports have shifted higher to 16780 on Spot. On upside there are some Techmical challenges. 1st at 17110 which is a Triangle Point. 2nd is a dead zone of a Circle at 17230. Which also co,insides with a Vibration Angle. Going forward setup remains buy on dipps only until 16780 is Protected.

Better to close long positions if 16940 breaks. No short trades possible until 16780 is held on spot.

NIFTY is fine Tempararily as long as 16580 is protected on downside. Earlier in the day we expected a bounce till 16950 to 17050. It came down after hitting 16936 on spot. Need to stay very light now. It’s no longer a straight away market on single direction. Time to go slow.

NIFTY broke its Supports. Only Hope was 16782 which went under water’s. As posted earlier on Triangle. That keeps expanding on downside. Put your Trailing Stops at 16810 on spot. And take it easy. No hurry to reverse positions even stop hits. 16500 imp support.

Trailing Stops moved down further to 16670 on Spot. Trend reversal above 16810. Tom vibration date so be watchful.

Hx

Shorts closed as per plan. Need to watch how NIFTY stays above 16810 if stays comfortable then swing towards 16950 to 17050 possible.

Since the start of December we had been advocating the Importance of the low which was made on November 29th. Going forward that’s still relevant. As far as Time is concerned that low of 16782 holds the Key for a move till 17950. In case that breaks then the entire structure has to be Re
Calculated. Ideally it should not break but never say never in Markets. A daily close below 16782 would open ways for very Sharp and Deep Cuts in Coming days. Let’s not discuss on that now.

The Quarterly support for NIFTY is placed in the zone of 16500/16700 on spot. Don’t want to make it complicated naming various Gann Patterns. As a Trader you just need to watch NIFTY in this range. If 16500 breaks on Closing basis then it won’t be appropriate to project any Targets on downside. Last week was a Time Heavy week so we were more watchful. Even Though we got a Pattern breakout on Monday we still preferred to chase short term Cycles. And we got desired results following that. This week also is a Time Heavy week so would continue to follow the same process. Better not to commit large positions on either sides. Defenetly not in Futures. Personally would continue to hold my cash positions. If you had continued to follow my Posts. Several times in September I advised strongly to have decent amount of liquidity in portfolio that Time is coming close to deploye a portion of that cash. It’s still a bull market correction make no mistake on that. We are yet to see the final last move on upside. Before we end this cycle.

Coming back to short term now. As mentioned on Friday NIFTY first has to cross the level of 17260 on spot. Which is a Triangle Point. Don’t get confuse these points won’t be visible on charts
The short term setup would get stable only above 17260. As far as NIFTY stays below this point it stays under a strong Trend on downside. We expects a strong Trend reversal only above 17440 on spot. NIFTY BANK also looks week
In coming days it has to sustain above 37100 on spot. 1000 to 1200 points move on NIFTY BANK should be considered normal. Interestingly the setup of DOW is a Shade better then NIFTY. IF DOW holds level of 35000 in this week then it would hold other markets including INDIA from going down further. Below 35000 DOW also would turn week for short term. Other Major Markets in the world are more or less on same Page having near term setup Neutral to Negative. Would leave it here for now with a peace of advice. For this week avoid preempting the Market let the Market make its first move. And then chase it.

No significant change appeared in NIFTY since the last update on 14th December
The short term Trend turned week on Monday and still remains week. Since Monday NIFTY is Trading in a Decending Triangle
The view was clear on Tuesday no directional change would be on offer as far as NIFTY stays below 17430
With current expansion on downside that level now has moved down to 17260 on spot. NIFTY is currently Trading in a Triangle of | 16950
17110&17260
On Time front next week also would be very critical since it would be a Harmonic week which have an Equinox in it. So voletility would continue to be a major factor.

DAAWAT
LT FOODS. Giving us an Invitation to add it at current levels and on dipps till 70. For the Targets of 93 105 and 125 Positionally. Above 105 it would be a structural breakout. Whose Targets would be 145 and 195 in next few months.

Sometimes we have to respect the short term cycles to cut down the Voletility in Markets. Even though the positional setup is strong we can still witness decent corrections. The short term uptrend got compromised yesterday below 17380 so that opened up more space on downside. Once it broke. Moving forward expect similar voletility as long as NIFTY stays below 17430 on spot. Better to take modest positions on Large cap BANKS in Cash at current levels. Stay conservative on F&O Positions.

Todays Gap Up was ment to be sold off. This is a very Important week for our Markets. With Todays Gap Up NIFTY has given a Complex Vibration Pattern breakout. Who’s Pattern Targets are placed at 18090 on Spot. But before that there would be short term rejection points on Upside. The structure has Technically turned to buy on dipps. For very short term NIFTY need to hold the level of 17380 on spot. As far as this level is protected uptrend in short term stays Intact.