Both indices slipped. But nothing alarming that should get worried. But traders have been used to reacting to 100-point moves all the time, no matter what levels the index may be at! AT 25k on the Nifty, a 100-point move is not really something to fear but should be considered a small elevated move on the norm. That’s all.

US and other markets are trading better and hence handover is positive. The NF is down in three waves with equality of length in the two declining segments. It is similar for BNF also. Hence the decline also has done its minimum.
Despite the decline the Vix remains down so the fall should be considered normal profit taking only. Premiums on the indices are not expensive because the IVs are low as well.

If markets are still idling then it is more like it is waiting for some local news on which they can base their decisions. The macro data is quite ok and hence the push may come after the Q1 results start flowing. This will also tie in with the next turn date of 7-8th.

With the small recovery towards the end of yesterday, the 5-min chart has turned around. We should now watch for the next higher time frames to improve. If that happens, then the profit taking would be considered completed.

So, today would be a day to watch first and trade later

Stocks would continue to move based on some flows. Sentiment is still positive as seen by the fact that IPOs are listing better and meeting with fresh interest.