NIFTY still needs a daily close below 17,720-the level we discussed on FRIDAY. Yesterday (NIFTY) tested that and came up back in its range. There is nothing happening on PRICE front for now and until (NIFTY) gives a daily close below 17,720 and print 17,620, theoretically no action on downside can take place !

Things are quiet on PRICE-FRONT but there has been good action on TIME-FRONT
tomorrow we have a (HARMONIC CYCLE DATE) which would be 2nd,most important date for FEBRUARY, intresting part is this would co-inside with the reaction which MARKETS have to give after U.S. CPI data which is due today evening !

“In case NIFTY reacts positively TOM, after CPI, then also it wont be a BULLISH sign any UPSIDE is likely to face very strong resistance at (18,201). Lets see, how MARKETS reacts, critical day Tomorrow !

NIFTY is likely to make its move early next week. This struggle could well resolve on downside. Watch out for 17,720 on NIFTY spot, once we get a daily close below 17,720 this consolidation phase would end !

PRICE PATTERNS would turn only below 17,620, once we get a close below 17,720 price levels should break. Until that happens this market would stay this way, very unlikely that NIFTY can take out 18,000-18,200 zone which we have discussed multiple times.

NIFTY navigated the CYCLE dates staying largely flat. Now it makes things easy for us to analyse the setup using TIME. A daily close below 17,652 would turn TIME BEARISH atleast till 17th,FEBRUARY. Last Friday we discussed on CYCLE DATES.
As far as PRICE is concerned, that too is consolidating with-in the range of 1st,FEBRUARY high and low. We believe NIFTY is likely to break this range of BUDGET day on downside. Today is RBI POLICY so there would be a reaction post POLICY.
If that reaction breaks the zone of 17,571-17,611 that would be a compelling indication that downside have resumed. Holding this zone would keep (NIFTY) out of woods for now, on upside strong resistance continues to be at 18,000-18,200 on spot.

$S&P;500; went above DECEMBER high which have made PRICE setup quiet complicated, earlier we gave less probability for S&P to trade above 4,101 which was the high of previous quarter but does the break of 4,101 confirms start of fresh BULL MARKET??
well we have discussed internally alot on this matter. We again went through the entire process of our long term forecasting model reviewed all CYCLES from 1901 and at the end came to the conclusion that CYCLE Low has to be in 2023, not in 2022 and there are no alternates for this condition. So BEAR MARKET is still not completed because (TIME CYCLES) are yet to complete their rotation. Hens no matter PRICE have gone above critical resistance but this has not been supported by TIME, so this can well prove out a potential fake out, but we would keep a watch on that. In our review here on 19th,january we focused on 2,points,1, a daily close below 3,888 and 2, break of 3,850, both things din’t happenned.
So market dint gave that indication of throw over. Going forward level of 4,020 holds the key. Once S&P gives a close below 4,020 our objective of potential fake out would materialize in coming days. We still continue to hold our view that OCTOBER low of 3,491 on S&P is not a CYCLE low. There are Lower Lows required to complete this BEAR MARKET, let’s see how CYCLES overtake Technicals may not take much TIME. U.S. 10,Year YIELDS have signalled next leg higher, and $ too have rallied from 101, would be intresting to see how this impacts EQUITY MARKETS!

SBI ended the ultimate euphoria very badly. What suddenly happenned that, 50% of entire rally from 2022 lows disappeared in matter of few days. During its upmove in later part of 2022 I posted multiple times that, entire rally was absolutely deceptive specificlly from SEPTEMBER low, it was about to end badly and it has ended badly. Going forward, the rally from 499 is only a counter-trend-rally, which in normal conditions is likely to end under 580 on cash. Staying under 580 is extremely BEARISH sign and that also keeps PATTERNS on sell side for possible Target of 491 in coming days. TIME wise (MARCH) is big month here.

NIFTY; with rest of other MARKETS would face a test of TIME next week. On 6th february we have (VIBRATION DATE) and on 7th, we would have (HEXAGON CYCLE) date. Basically the low of 6th would be important for all MARKETS since we are looking for other GLOBAL MARKETS to join us on downside. If other markets keeps going up 1-2% on daily basis then for (NIFTY) it would get tough to make fresh lows for short term atleast. At best it can stay in a range for now.
NIFTY continues to have strong resistance closer to 18,000-18,200 we still prefer to add fresh shorts on higher levels for downside Targets of 17,150 and 16,855 on spot.

INDIAN;HOTELS; will have Interception of (PRICE) and (TIME) next week. TIME wise it will hit 2×1 ANGLE from its TOP which it made on 11,11,2022, not only that it will also complete 1 cardinal rotation from NOVEMBER high on 10th,FEBRUARY, so next week would be very critical for this particular STOCK.
PRICE wise we have (VIBRATION PATTERN) break down here, also it broke a HORIZONTAL ANGLE from its TOP of 349, that level comes at 310 so basically PRICE should test next level which comes at 271 on cash.

ADANI;ENTERPRICE; is defining the concept of GRAVITY. Now what else we can Say we projected another leg down here below 2500 for CYCLE Targets of 2100 and 1652 on cash. Both Targets have been achieved.
Speed of this fall is surprising for me as well, but as a TRADER you cannot complain, what we can do is take profits and look for another TRADE. We achieved our CYCLE objectives here which we planned at 3800 in DECEMBER.

NIFTY; in all volatility Yesterday gave the print of 17,391 on spot it did not close below 17,472 but we need to understand the important message which MARKET is giving us. Yes we, still need a daily close below 17,472 but the print of 17,391 have made it clear that, sooner or later, MARKET will resume its next leg lower: which would not only be quicker but will be with greater intensity then what we saw recently.
Need to give that fare amount of TIME because we are not disccussing the short-term setup here. Earlier I posted that: we may see 17,150 during the month of (FEBRUARY) with yesterday’s low of 17,353 we were quite close. Gradually we should test 17,150 and even break that.
Another Intresting development happenned yesterday was, while NIFTY broke down, S&P went above 4,100 so setup have gone quite complicated there. We still would prefer to watch that till Fridays close to be more certain with near term setup.
MEDIUM TERM Setup remains BEARISH for U.S. INDICES but short term is something which we need to work on. We are watching that closely. Let’s see NIFTY is clear (sell on rise) but S&P is not.

NIFTY; got that rally which it required. Critical markers were held which we pointed out on MONDAY. going forward those levels would continue to hold greater significance. what were those levels? let’s again note that down.
We pointed out 2,levels 1,(17,472) on closing basis, 2,(17,391) on print basis both these levels are very important on (PRICE) and (TIME) parameters.once breaks next phase of correction or decline would resume, which can take (NIFTY) towards 16,855 and practically below SEPTEMBER lows. On upside all rallies are likely to stay under 18,150-18,300, on spot. Today is BUDGET and FOMC MEAT in evening so volatility would be on higher side. Once EVENTS are out of our way MARKETS would react to its Technical setup. NIFTY BANK too 42,000-42,400 is resistance and 39,000 is support, let’s see how long it takes to break supports.