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