Before a week, we indicated a cause of concerns for those holding long positions. The mentioned support (last week) of 19400 has held with today’s low of the day is 19416.94 level. Again, we repeat the current consolidation phase has stopped some of the major buyers to stay away from markets.

Any bounce of 2% in main equity indices should be used as an opportunity to go short. Volatility is likely to increase over next few weeks.