Its been quite a volatile last few days - too may GAP UP / GAP DOWN , decisive bars but still no clarity on direction. Let us look at global markets to understand this in a better way
Dollar Index on important levels - can breakout or breakdown - chances of breakout quite high
US treasure bonds rising again - Though personally, I feel last time it was an over-reaction of the global market due to rise in bond yields but yet, the fact remains global markets are reacting promptly on rise of bond yields
US DOW futures are facing a good amount of downside pressure.
NASDAQ composite also showing weakness
what do we make out of this - my take is - global markets have started retracing from higher levels, definitely some weakness but early to say its a reversal from the top for a short term. we may see some downward pressure on NIFTY in the coming days, so maybe it will fall or consolidate for a while
watch out for the levels mentioned in chart and that GAP zone. Nifty behaving around those levels will give a decent idea
Happy Trading MSK
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NIFTY today low as of now - 14862 :) , lets see if it bounces back from here or fall further for filling GAP in coming days