NIFTY have gone above 17,200 today which is sufficient to convince traders for a significant rally in Coming days.
In our opinion that wont be a case.
We would look it as a shorting opportunity once NIFTY enters zone of 17,300-17,500 on spot.
Medium term PATTERNS for MARKETS are BEARISH and they are unlikely to reverse.
The critical point to note here is whatever shorts you add your view has to be for June series.
We are expecting the test of 15,183 within june.
We have been maintaining this call for some time now.
And our view has been based on CYCLES, in next 90 days we believe markets globally should be significantly lower from current levels with or without any negative news flow.
Lets see, would be intresting.
For very short term markets have played out differently but it wont change the overall structure.
TIME wise next week is going to be very important specially for U.S. MARKETS.
Next MONDAY and FRIDAY would hold greater significance with reguard to TIME CYCLES.
For INDIAN MARKETS plenty of Trading Holidays are due in next 18 days so overnight gaps are likely to occur with increased volatility.

ABFRL have achieved its PATTERN objective with the print of 216 in past week.
We have carried our BEARISH view here since it broke 251 on 27th,January,
Stock is down 20% from those levels,
Going forward stock is getting very close to a very important support of 200 on cash,
If that breaks which I suspect it will,
This decline will continue all the way down till 182.
Watch out for 200 very closely.

APOLLOTYRE, is setting up for a decent correction.
It may have registered a significant TOP at February high of 343, most probably we will conform that going forward.
The break of 298 will put this in very week position,
Below 298 it would give breakdown on both PRICE and TIME parameters,
That breakdown can drag it till 275 in coming days and 253 in few weeks.
Watch out, 10 to 15% correction is due here.

$S&P;500; is acting according to its Script.
In our review here on 3rd,MARCH we expected it to make lower lows, and within MARCH we were expecting test of (3,760-3,800) and we got the low of (3,808) on 13th,MARCH.
Going forward there is no way, market can hold this low,
The low of (3,808) should be broken without much effort and the trend of lower lows should continue.
Very unlikely that (S&P) can trade above (4,100)
we discussed on (SQUARING PATTERN) breakdown last time, that pattern have gone more week in past few days, which is signaling break of (3,800) Rapidly once (3,900) is taken down.
As long as (3,900) is held, current Zig-Zag should continue.
We are expecting break of (3,764) which was DECEMBER low once (3,900) breaks.
Coming leg lower should be more dynamic,very stronger and bit longer in TIME duration.
Watch out.

NIFTY if gives a daily close below yesterdays low of (17,045) that would continue to keep short-term TIME CYCLES bearish.
MARKET had a decent opportunity to rally in past few days, but we dint got any material upside.
Going forward if it do not close below yesterdays low,some upside is still possible.
As a trader fresh entry is only ideal in zone of (17,300-17,500) if having view for next 6-8 weeks.

If this zone does not come then, fresh entries would be tough, better to continue with whatever you have.
NIFTY BANK most probably would lead next leg lower.
Few banking STOCKS have allready given primary indication for major down move,
Specially SBI and ICICI;BANK would be key drivers on downside as and when crack unfolds.

RBLBANK has broken down from a very strong PATTERN.
Can also consider this as a (SQUARE OF 9) breakdown.
Every upsides till 150 should be utilized to sell, for PATTERN TARGET of 110 in coming days.
Once this goes below 110-105 zone, the low of 74 would be in serious trouble.

NIFTY have escaped immediate collapse for now,,
Even though it narrowly broke (16,850) it was pulled higher by decent recovery on (NIFTY BANK)
Now this has been a PATTERN since late DECEMBER,
Recoveries in (NIFTY BANK) is always misleading.
Every rally since late DECEMBER have resulted in new lows,
This TIME too wont be different.
As I posted on MONDAY, whatever market does in short-term it would have no material impact on overall Structure, even if it goes higher then also it’s unlikely that the BEARISH trend gets reverse.
So rallies are only an opportunity to add shorts if you have missed prior declines,to add fresh shorts,
look for sharp and violent upsides to add shorts,
Safe shorts would be in zone of (17,300-17,500) for fresh entry, not sure whether we can go there or not, but have to keep OPTIONS open for that,
Tomorrow we have a critical CYCLE date, so tomorrows low would be critical for short-term, a daily close below tomorrows low would continue to keep short-term TIME CYCLE bearish.
But before that, tonight we have an event,
in U.S. MARKETS which in technical parameters would be very significant, todays closing would be important for (S&P) If it close down even by 1 point Today, then near term consequences would be very BEARISH.
Lets watch,
Intresting 24,hours coming up.

RELIANCE have been constantly making Lower Lows for past several weeks and months.
This so far have been playing out according to our expectations.
We had our review here on 13th,JANUARY, Back then we had projected level of (2256) on downside.
STOCK have tested that and gone even below that significantly,
Infact it tested its 2022 lows of (2180) Yesterday,
Going forward we expect this stock to break (2180) and make fresh 52,week low

Our view here is bearish since early december.
From (2755) this has fallen down till (2180) and strange part is people are still bullish here.
We dont mind that, but in our opinion we can see this stock somewhere near (1960-2000)
For fresh entry all upsides till (2350) Should be utilized to sell.
If that doesnt happen then a daily close below (2150) would put it in lower square which would signal level of (2030) in near term.
Watch out for these levels.
Downside is not over yet.

NIFTY selloff shall accelerate below (16,850) on spot
On downside there are 2 levels to watch,
1, is a (HEXAGON) target which is placed at (16,660)
and
2, (HARMONIC CHANNEL) target which is placed at (16,550) below (16,850) both levels should get tested rapidly.
If (16,850) is held, then market will escape immediate collapse, it may consolidate further for some more days.
TIME wise this week would be very Important,
TOMORROW is MARCH EQUINOX which is widely followed, but I wont put greater significance on that.
For me, most significant CYCLE date is due on 23rd,MARCH.
Specially the low of 23rd,MARCH would be critical going forward.
Whatever market does in short term, whether they go up a bit then also it’s highly unlikely that we get a dramatic turn on upside.
Going forward it wont be a question of WILL,
it’s only the matter of WHEN.

NIFTY have printed fresh quarterly low Today.
So now along with weekly, and monthly, we now have a quarterly breakdown as well.
With each passing day structure for (NIFTY) is getting more and more BEARISH which in 2/3 months TF can drag prices towards (15,183) and even below.
Need to wait for sharp rallies to add fresh positions.
NIFTY BANK have not broken its previous quarterly lows we believe it’s just a matter of TIME before that happens.
For short term things should slow down a bit, we discussed 16,800 as critical level in near term markets have took Support there,
But the bounce after that seems corrective, it would be better if todays low hold and prices goes sideways for 1 or 2 days before next leg lower starts.