Today after morning bounce Nifty 50 again returned to its previous lows.
Nifty 50 touched 24600 on 29 July and from last 11 sessions its consolidating in a narrow range of 500 points.
Index bounced twice from its short term support made around 24300 and returned second time from its swing high around 24700.
Because of Global uncertainties market is going nowhere and consolidating within a range.
There is no clear trend visible on index , so aggresive trading in current scenario should be avoided.
If we look at recent swing top i.e 25600, the index is slowly coming down and every bounce has been sold off. For fresh uptrend healthy and sustainable bounce is needed, otherwise the Index can break its recent swing lows, because sellers are more active than buyers.
According to my analysis if Nifty break 24300 , we can see some panic selling which can take the index to lower levels and if on higher side it crossed 25750 , then short covering may take the index to more highs. Currently the situation is like wait and watch .