“Nifty 50 shows a sideways to negative short-term trend, forming lower highs and lows, with FII net short positions increasing to 2.5 lakh contracts. The break below 24,000, which was the highest put base, indicates weakness. While 23,500 offers immediate support for a potential bounce, a break below this level could lead to a quick slide to 23,000, further pressured by rising crude oil prices and bond yields.”

Jay Thakkar’s track record: 5 graded calls · 95% CI 12–77%