View on Nifty 50

Nifty 50 seems to be taking support near its long-bound trend on weekly timeframe. However, if we zoom in on daily timeframe, we see a rejection on yesterday's leap up and closed in the red. It will be quite interesting to watch out today's price action and also the weekly closing if it sustains to close above the support level of the long-bound trendline. Our view is that Nifty might consolidate within the existing range but the options data suggests short positions being made yesterday so it would be quite interesting session today. Moreover, we would avoid taking positions on such a level.