Indian Markets Under Pressure: Domestic Issues Deepen Decline, Selling on Rallies Continues

• Indian markets are under pressure due to domestic issues, not just global factors, with Nifty down 4% and Midcap Index down 5.5% this month.
• The market's current nature is "selling on rallies," with supply appearing on every bounce, making sustained rallies difficult.
• Key technical level to watch is last week's low of 24,919 for Nifty; breaking it could open the path to 24,000.
• Hopes for a sustained rally based on the India-EU deal or US Treasury Secretary's statement are premature, as implementation takes time and tariffs are still in effect.
• Strategy suggests staying on the short side, avoiding bottom-fishing, and phased buying in Nifty ETFs for long-term investors on dips up to 24,000.

Why It Matters: Indian markets face domestic pressure and 'selling on rallies' trend; investors should avoid bottom-fishing and buy Nifty ETFs on dips.