NIFYT WEEKLY UPDATE

INDEX UPDATE
NIFTY
-like last weekly update had explained a break below 16820 will lead to 16400-16200
-today we are opening at the lower end of the range target we had from 17430-16820
-but most traders have not been able to capture the down move in market
-last weekly candle on nifty is brutal
-nifty will open in strong support zone of 16200-16150
-banknifty will open near crucial support of @34200-34300
-nifty pcr is oversold
-intraday bounce is expected
-weekly chart indicating nifty may move towards 15500 level if it closes below 16000
-FRESH SHORTS BELOW 15950

global and currency update
*dxy index like discussed above 104 is alarming
*usd/inr breaking above all time high
*expect financials and nbfc to be under pressure
*wti curde back above 110
*US-10Y SETTLED ABOVE 3%
*US MARKET ALL MAJOR INDEX HAVE BROKEN HEAD AND SHOULDER PATTERN NECKLINE

"NOT GOOD SIGNS FOR MARKET"
"STAY LIGHT IN OVERNIGHT POSITIONS


NIFTY HOURLY CHART

BANKNIFTY WEEKLY CHART


DXY MONTHLY CHART

US MKT PATTERN UPDATE