The kind of price action we have been witnessing for the last few days, the commentary would sound a bit repetitive because there is nothing different to talk about.

As we have been mentioning, every 100 points upside should be treated as immediate resistance and now this level comes at 15,800.

Considering the Fibonacci ratios, we do not see any major hurdle before 16,000 and hence, even if this has to be met in the near term, the move would continue to be slow and steady in nature.

One key factor is the significant drop in India VIX which is back to the pre-COVID levels which bode well for the bulls.

The levels of 15,600–15,525–15,450 are the key support levels. Only a handful of index heavyweights are giving some notable moves while the real action still continues in the broader end of the market.

Stocks from the cash segment are roaring so it is advised to stick to this approach.

We reiterate when the market moves in such a manner, it’s better not to get complacent and one should take one step at a time.

It would be a prudent strategy to avoid aggressive leveraged bets, especially overnight, because any in-between hiccup may spoil your short-term trading journey.