NIFTY has been getting very strong rejection at its major gann angle resistance of 22776.
We have been discussing this level since past 2 weeks.
We now have 3 reversal bars in last 25 days from its gann angle resistance.
Interestingly last two rejections have took Pl during the same day and infact during the same hour.

this technicaly is not a good sign.
and no matter what everyone says  the market message is absolutely clear  that its not comfortable above 22776.
3 touch points are generally enough but in rare and special cases it could get 4.
Lets see  breaking supports is going to be very critical!

for short term as i discussed earlier 6th,may is a very important cycle date.
So intraday lows of all INDICES is going to be a key price and time pivot for next few days.
So let’s see what low did INDICES prints on MONDAY!

Other than that  22300 is a vibration pattern support.
if that goes we would get a pattern breakdown,  which would opened up downside target objectives of 22100 and 21865 on spot!

https://ganninsides.com/2024/04/30/positive-trend-continues-for-nifty/

lets revisit what we were expecting on last Friday!

ups and downs continues for LIFE and NIFTY

NIFTY is nearing its  major gann angle resistance of 22776.
We did discussed this level on last Friday when INDEX was trading at 22450.
Once spot sustains above 22776 it should test other gann angles which stands at 22835 and 22955.

On downside support continues to stand at 22348 but if INDEX prints 22810 this support would shift higher to 22550.

TIME wise for near term 6th,MAY is going to be a critical natural cycle date which would have its impact on all markets accross all continents.

So we would be looking for the intraday range of 6th,may on all INDICES.

SHORT TERM UPDATE on NIFTY

NIFTY continued with that same similar pattern which have been repeating since last 3 months.
INDEX moved exactly as it generaly moves on expiry day.

A pop higher during the expiry week is something I did discussed in my wednesdays post as well.
Just to put things in prospective  series on series NIFTY was up 243 points and out of those 243 points 172 points came on final day of the series.
So this is how things have been for NIFTY and it has been going this way since late january!

Technicaly as i discussed earlier  holding intraday lows of 23rd and 24th,APRIL on closing basis NIFTY has potential to test level of 22600 on upside,  and on expected lines it did tested level of 22600 yesterday. after testing that level we have again seen INDEX taking a pause.
it looks like we would get a negative daily close today on NIFTY   so it would be a first negative daily close for NIFTY after 18th,april.
this could break the momentum for market which have been going higher since 19th,april.

for near term trend for NIFTY is likely to stay positive as long as zone of 22300-22350 is held on closing basis.
both price and time setups would indicate further higher highs holding that support zone.
On upside how high it could go is a slightly tricky question? because levels of 22776-22835-22955 are very strong gann angle resistance on monthly charts of NIFTY! so lets see how it goes in next few days!

since this update is only for short term so i wont re emphasise on what has been going on for medium term.
I already have shared my view multiple times without any filters
So would leave it here for now!

https://ganninsides.com/2024/04/24/markets-midweek-update/

NIFTY have extended its recovery beond 22100.
As I discussed in my sundays post  a sustained trade above 22100 would keep INDEX safe from a risk of immediate colaps.
because 22100 happens to be a price and time equality level  its significance for short term is going to stay considerably high, for next few days.


this level would come higher from next week onwards!

for medium term as i kept discussing throughout last week when markets were collapseing that a failure to break below 21710-21530 is unlikely to damage the medium term uptrend.
also it would keep the ascending flat topping pattern intact on NIFTY.
Until and unless that flat pattern is broken there wont be any clear positional trade on NIFTY.

market would keep doing this back and forth in broad range.
As an analyst I would expect a defining turn in next month  because this market has been absolutely flat since last 3 months.
The monthly expiries of February march and now Apr have been absolutely flat.
Things cannot carry on this way forever.

Since last 3 months we have observed a repeated price pattern playing out during expiry week.
In which market pops higher closer to expiry and on first day of new series and post that for rest of the month things goes absolutely sideways.
Lets see whether similar pattern plays out this time or not!

short term update on NIFTY

for short term since 23rd and 24th,APRIL are critical cycle dates we would be looking for intraday lows for both these days.
A sustained trade below intraday lows of both these dates would drag index lower towards its price and time equality support of 22100.
A failure to sustain below lows would push index higher closer to 22600 on upside.

S&P;500;

S&P as expected have posted a good recovery holding its fridays low.
The move above 5006 have pushed index out of extreme weekness.
We discussed the importance of 5006 in my sundays article

So wont go in greater details now.

would like to add just one point here.
Current rebound is just a retracement of the major decline from 5265  once this rebound is done  index is expected to drop very sharply in coming days which will add pressure on all other indices including NIFTY.
So watch out for that.
A negative daily close today or tomorrow would give early indications for resumption of another leg lower.

https://ganninsides.com/2024/04/21/the-buy-on-dipp-approach-is-about-to-face-its-real-test-now/