Market outlook

Daily charts
- markets close below 8500
- for me, trend is down now
- I will be bullish above 9000
- option writers are confident markets will not cross these levels soon
- there are 2 possibilities now

- a fast drop to 8000 levels or
- a gradual/ slow correction within the falling channel

5 min charts
- markets rangebound intraday
- some weak signs of buying at lower levels
- today's close was near lows