1. U.S Markets closed higher on last 2 trading sessions.
2. Right now , U.S Futures are trading higher.
3. SGX Nifty is indicating more than a 100 point gap up today.
4. Asian Markets are mostly higher.
5. We are currently having a pullback rally across global markets.
6. We are also participating in this rally.
7. Nifty has now made short term bottom near 16800.
8. 17200 is the major level to watch out for.
9. Once this is taken out we would be heading towards 17350.
10. The trend hasn't changed yet.
11. Markets are still in a sell on rally phase.
12. As of now this could be termed as a pullback rally.
13. I would turn slightly bullish only if 17350 is crossed on Nifty.
14. We are also having some sort of short covering rally currently.
15. Markets in a highly oversold zone.
16. So colling up of positions was the order.
17. Banks are facing severe pressure.
18. PSU Banks which were the hero stocks few months ago.
19. Most of them have now been trading near 52 week lows.
20. Such quickly things change in the markets who would've imagined.
21. Nifty might trade between 17000 to 17300 today.