If you were looking for a sign, here it is.

A quick run down through some market context.

Extreme violent moves on the financial index in the past week. A lot of spikes and breakdowns. BANKNIFTY made an 800 point range on Friday and closed near its opening range. The sell-off was seen across sectors, with metal stocks being one of the worst-hit. Hints from the Federal Reserve that it could hike interest rates from 2023 have put markets and commodities under stress, while the dollar has strengthened sharply. With global risk sentiment deteriorating, further selling in the short-term cannot be ruled out as markets price in the Fed's surprising shift in policy stance.

When the Nifty is moving down, it is attracting buyers and that is what seems to have happened last week as well.

However, despite the sharp recoveries in the indices, both of them have failed to close above the Thursday close which possibly means that the selling pressure is not yet over and there may be something in store.