NIFTY WEEKLY UPDATE

SUMMARY:-
*us market covered and rose up on friday
*today expecting some short-covering rally in nifty index
*but overall the view is still bearish
*remember market trend remains bearish until 16480 is taken out
*we have falling trendline from the top if that breaks then we will start an uptrend
*global data is not good
*last week i had explained that i am expecting nifty to test 15200
*us market recession data is already accepted question is whether it soft lands or hard lands(big rate hike)
*market is spooked in us mkt due to coming expectations
*we are expecting a bottom in coming weeks or month
*market will factor in all bad news and absorb it
*i had explained this point few weeks before that Indian market will decouple from global market
*it will happen sooner or later

nifty technical view
-crucial support has shifted from 15670-to-15550
-but demand zone remains between from 15670-15700
-nifty puts and nifty fut short made us money on friday
-resistance on upside is the same 15900-15940
-safe traders wait for market to cross above 20-dma and sustain for upside move