This is a chart of Nifty 50 on Daily Timeframe. It speaks alot here we can see price action is very volatile, Nifty making new All Time High last week & now dropped nearly about 5% from that high.
Many Global reason affecting the index but still it was a drop expected from many as Nifty was Super Bullish right after Election results.
So here we may expect a sideways or a Reversal filling the Gaps as price also touches 50 EMA which is considered as a good support by many Professional Traders. Also if Price breaks and sustain below 50 EMA it may continue its bearishness.
Not only Bullish or Bearish but Sideways/Consolidation is the most expected reaction from the market after this volatile sessions due to Global Factors.
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