The Nifty 50 and Bank Nifty made a negative start to the week on March 10, tracking nervousness in global counterparts. Both indices formed bearish candlestick patterns with long upper shadows, signaling pressure at higher levels. The India VIX has jumped to 14 levels, up by almost 4% in the last trading session, which is also negative in the near term. Nifty closed the day with a rejection candle, rejecting the fair value area, while settling near the previous day’s low. On the downside, a breach of 22,000 – 21,800 would negate the bullish structure, potentially dragging Nifty down toward 21,200. Only a weekly close above 23,200 would confirm that the market is out of the woods, until then, it remains a tug-of-war between bulls and bears. On an intraday chart, there appears to be a possibility of a pullback toward 22,300 in the coming sessions. The strategy should be to buy on dips and sell on rises, as the index may trade with swings on both sides.