TATASTEEL would come up with its results today, no matter how it reacts to that, technically it’s in good shape as long as it stays above 107 on closing basis. As long as it holds 107 stock should take out its January,19th, high of 124 easily and print level of 132 on cash. 8th,AUGUST is very important date for it, expecting it to scale fresh calender highs within this TIME window.

CROMPTON possibly made a CYCLE low at 251 on 26th,APRIL but that would still require further confirmations. The TIME distance between 13th,SEPTEMBER high and 26th,APRIL low is exactly 225 days, needless to discuss why the number 225 holds meaningfull significance. In near term there are 2,very important TIME CYCLE DATES coming up, 1st on 25th,JULY and another on 4th,AUGUST. PRICE wise STOCK should hold zone of 267-277, doing this, it would stay above 45° angle holding that STOCK should test levels of 307 and 342 on cash in coming days.

NIFTY momentum would stay intact as long as spot stays above (19,750) the PATTERN support continues to stay at (19,562) so even if (19,750) breaks it wont indicate any sign of a REVERSAL. Not until (19,562) is protected. Its critical for MARKETS to hold these levels for further highs. TIME wise 1st,AUGUST remains the most important date but on MONDAY we have a minor CYCLE DATE so MONDAYS low would be critical on closing basis. Things are likely to get more intresting GLOBALY, yesterday NASDAQ COMPOSITE broke the INTRADAY low of 14th,JULY, and closed below it. Let’s see how things goes there..

NIFTY have extended its rally holding (19,350) on spot. This was the point we were trying to make last time that, (dispite structure for NIFTY is complete it does not necessarily means that MARKET would fall). Atleast not until the supports are held. Currently the level have shifted higher from (19,351) to (19,562) on spot. As long as (19,562) is held, every dipp should be bought. TIME wise we discussed 14th,JULY as very critical date. As long as MARKETS stays above the intraday low of 14th,JULY,this move should continue till 1st,AUGUST. This applies for U.S. MARKETS as well. In case that low breaks MARKETS would enter the pullback phase, we shall discuss that when it happens.

FINNIFTY is showing signs of some crack for near term. Conservatively upsides upto (20,254) should be sold for possible targets of (19,811) and (19,622) on cash.

NIFTY held the LOW of 10th,JULY on closing basis and that resulted a higher high above (19,530) so this completes the (HARMONIC CHANNEL) which we discussed on TUESDAY. We also discussed that things should stay fine until 14th,JULY, so that starts from TOMORROW. The entire PRICE structure could under-go some sort of a test until 1st,AUGUST. There are some kind of cracks developing in NIFTY BANK and FINNIFTY but was it due to HDFC? that we have to moniter in next few days. Technically both INDICES are not that strong as NIFTY. For NIFTY with todays move structure have mostly completed but that doesn’t mean MARKET should fall from here. Yes there is a pullback due but that too should resume once spot breaks (19,350) once that breaks, we shall discuss about that pullback in detail.

DELTACORP is down 25% overnight, this move have took everyone by surprise, this is certainly a crisis but as an opportunist we have to look for an opportunity here. A higher high above 202 would signal a pattern breakout for targets of 220 and 240. hexagon PATTERN is still positive here for 271 target holding 165, let’s see.

NIFTY as long as stays above yesterdays low on a closing basis should continue its upmove even in short term. In my post on 3rd,JULY I expected market to give a pullback on THURSDAY or FRIDAY markets gave that pullback but that was bit shallow. A higher high above (19,530) would complete a HARMONIC CHANNEL from lows of (18,646) NIFTY also completed a HEXAGON rotation in past week. It’s all so good so far. for now things could stay this way till 14th,JULY the decisive test for overall structure would take place between (14th,JULY to 1st,AUGUST) Plenty of things can happen within this TIME window would get in more detail as things starts to unfold.

UBL is giving early indication for a PATTERN breakout. For short term STOCK should test zone of (1,560-1,580) on cash. Once level of 1580 breaks STOCK would trigger a SQUARE OF 12 breakout which would signal an upmove till 1728 in coming days. The decline from 1806 culminated exactly at 90° angle at 1353, most likely it have registered a major low in APRIL. Going forward if it sustain above 1580 eventually it should take out 1806 till SEPTEMBER.

“The proof of the pudding is in the eating.” A mouthwatering dessert can sit before us, and we can believe our efforts created something sensational. But we don’t know if we’ve succeeded until a process plays itself out. As July commences, it may be too soon to draw a conclusion that our primary view on MARKETS is wrong. We are fine with that, we wont hesitate to accept that as well, but for that next few days would be extremely critical in broader context. On 28th,june I allready posted my view on a possiblity of another failed breakout above (18,604). But what, if we are wrong on that? In that case we are just begining a major move on upside which wont end within 10,or,15% of move. There are certain STOCKS which are not showing signs of a CYCLE breakout. So we want to be more watchfull for next few days. As far as trades are concerned We would look to enter longs closer to (19,050) with stops below (18,884) on spot. We are likely to get a dipp may be until thursday or friday. 1 very important point we should understand is, if MARKETS have registered a CYCLE breakout then in near future, say for next 18 to 24 months, NIFTY would never give a daily close below (18,604) for now let’s look to buy dips, with stops,