Nifty has shown good bounce after a heavy sell off. However, it has now taken resistance at 0.618 levels of 19,840.
With results season kicking in, and another lukewarm IT season looming, Nifty seems to take a pause. With rising uncertainty in the Middle East and FOMC's strong hawkish stance (FOMC minutes will be out tonight), the index is likely to stay sideways to bearish for a few sessions barring any new significant developments.
No fresh rally is expected unless it takes out 19,840 on closing basis.