1. U.S Markets closed higher yesterday.
2. Right now , U.S Futures are slightly higher.
3. SGX Nifty is up 20-30 Points.
4. Asian markets are mostly mixed.
5. Yesterday Nifty did retest the previous low of 16850.
6. Intact nifty broke 16850 and went another 20-30 Points lower.
7. During the end of the day there was a short covering rally witnessed.
8. Global markets are in turmoil.
9. Last 2 days markets have shown very good resilience.
10. U.S VIX has collapsed 10% in last 2 trading sessions.
11. With all major indices closing at the highest point of the day.
12. It seems like a short term bottom has been made for now.
13. 16850 is the short term bottom for now.
14. This is just a reversal /pullback rally.
15. This aint a trend reversal rally.
16. Trends don't change so easily & quickly.
17. This pullback could extend upto 17200-17250.
18. We have monthly expiry approaching as well.
19. There are 5-6 trading sessions left now for monthly expiry.
20. Last week is generally highly Volatile.
21. Nifty might trade between 17000 to 17250 today.