Trends are under stress at the moment as bearish pressure intensifies. The supports are repeatedly broken, leading to chaos as the profit-booking scenario and the sustained sell-off seen across the board are igniting a wave of selling pressure. At the moment, bearish pressure has pushed the index below 24,100, as mentioned yesterday, to challenge support at 24,000, and every attempt at a recovery is failing. As we have been mentioning, if we move decisively below 24300, the Open Interest data still shows 24,200 as the Max Pain Point that will come into play. With a slow gyrating market in play, it’s best to tone down the participation or engage on the short side.
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