Five straight green days, and now a gap down to test it. The Nifty closed at 24,168, up 82, its fifth green day and its second close above 24,000, and the Sensex settled its weekly expiry at 77,409. But this morning GIFT Nifty is pointing to an open near 24,000, about 170 points lower, dropping us right back onto the support we only just cleared. There is no expiry today, so the open interest draws the day, and the question is simple, does 24,000 hold as support.

The strange part is that the gap down is not coming from a weak Wall Street, it is the opposite. Overnight the US shook off the hawkish Federal Reserve and rallied, the Nasdaq up almost 2 percent, and Asia is firm this morning, South Korea up 2.3 percent. Brent crude sits near a three-month low at 79 dollars, gold got hit hard down to 4,185, and the rupee is steady and strong near  ...