I am Still carrying earlier posts view of still many stocks have not done basing. So any rally immediate would meet resistance. As expected it requires huge groundwork for clearing falling 50 SMA.
Expect a sideways move, till basing gets done for a rise further towards 50 MA again. or else if its a weak market then slowly it will break recent supports of 9300-9320 / 9050/ 8800.
Many newcomers are in confusion is what is basing means. It is nothing but sideways consolidation in stocks to show some signs of accumulation by big players. Now what is signs of accumulation by big players. For me its a many tight zones in base and better if first leg of fall gets tested in base with slightly less volumes. And price jumping back into base and those bars having big spread with high volumes. Sometimes stocks can rise with 'v' shaped pattern too. But stick with known patterns where you can trade off. Its not mandatory to trade every sign market is giving. Focus on your strength.
Bear markets rallies are deceptive and led to many investors getting attracted to leaders of past bull run. In hope that again these horses would run. There is no rulebook to say such things. Better play stocks showing good relative strength as compared to mainline indices.