U.S Markets were shut yesterday. Right now Dow Futures are lower. Asian markets are slightly lower. SGX nifty is down 50 points close to 16600. We have rallied from 15900 to 16700 yesterday. All in a matter of 3 trading sessions. 15900 was the expiry low and 16700 was Yesterday's high. This rally is majorly due to short covering across the Globe. Yesterday India VIX closed below 20. Options IV's are very low for this month. Indicates that this is going to be a sideways / range bound month with less big moves. Yesterday for the first time after almost 1.5 months FII's have turned buyers. Yesterday they have bought for 500+ crores. This is indeed a good news for the Bulls but we have to see whether it is a continued buying or just a one off day. Anyways as long as Global markets are strong we do not have to worry about FII selling. 16400 is a strong support now for nifty as we decisively closed above the same yesterday. Next resistance is at 16800. This is the ran