Markets haven’t said anything negative in the last four trading sessions despite two worrying factors. After FED increased their Federal fund rate by 25 bps there was a massive rally in global markets but when comes to Indian markets we had witnessed a initial resistance near to 7800 levels with massive fall in India VIX numbers. And 7500PE writers more possibly by some smart bunch of retail traders who built highest open interest among Nifty option strikes had started covering open positions (profit booking) and later 7400PE writers also joined similar sort of unwinding despite rising markets in the noon session.
Nifty is still in sell mode with resistance and intermediate resistance coming near 5298 and 5324 respectively. Bank Nifty had recently turned to buy mode. If nifty too breaks the two upper limit then one can enter longs positionally.