Nifty faces further downside after breaking key support levels: Rohit Srivastava

economictimes.indiatimes.com:

«The only factor that has been impacting us has been the rising dollar or rising bond yields, which saw some pullback into the Trump inauguration,» says Rohit Srivastava, Founder, Strike Money Analytics & Indiacharts.

We have seen, of course, India Vix rise sharply just ahead of the budget. The higher levels are getting sold into. Is it a very clear trend that it is going to be a lot more downwards versus in an upside movement for the market right now?
Rohit Srivastava: One hope that we end up having every day because we have all become global watchers is that if US markets are going up, then our markets would also see some recovery. Now, that has sort of not been happening, not just recently, but I think since the top that we have made in October, we have sort of diverged from global markets altogether.

The only factor that has been impacting us has been the rising dollar or rising bond yields, which saw some pullback into the Trump inauguration. So, having said that, the next set of events, of course, are the budget and ahead of us and if we look at the structure of the market, it continues to be extremely weak. There is no sign of a trend reversal. We also do not have some short-term oversold readings, though in the medium term, a lot of things have fallen. Some places we can say, okay, there is a lot of short in the system, maybe there can be a short covering bounce, but shorter-term readings are not showing even the smallest level of reversal to take that stance. So, we continue to think that Nifty has further