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Nifty PE is 19 Nifty touched 6870 almost 50% retraction of the range from 4600 till 9100 monthly basis. noted the month will end on Monday concluding with Union budget  Market is searching desperately for a base  which is not seen by many due to too much bad sentiments Indicators are also showing weird interpretations as too many smart people are using too much technical indicators and taking there protections. However FII are net sellers till Feb all the way from Jan. Daily Volume is showing some good news as its diverging in the chart as u can see here. Nifty retested 6960 and  trying to get out of it, though not so vehemently. My advise will be for the shorters in the market ................ be cautious  !!!!  If you short please do write 6800 put along with as it will cushion you from sudden upside spurt. Else buy with strict stop loss of 6800 closing basis. Market if rebounds it will surely gonna test 7350-7400  for the immediate short...

Market is at selloff however it touched 7241 on 20th jan 2016 A new low may be 7160 in the near trading days but there will fast reversal from that level Above is the monthly chart We are in the fourth wave of the third grand cycle,  which according to general rule of fibonacci  range,  has touched 7330. However month is not ended so if i the coming week nifty stays above 7330 on closing basis we can see the fifth wave of the third grand cycle in the offing. market is subject to risk only time will tell