Deepak Jasani, Head of Retail Research, HDFC SecuritiesIndian benchmark equity indices suffered sharp swings on either side on March 25 as the March series F&O expiry had a volatile close. Nifty has seen acceleration in its downtrend after it breached the crucial level of 14,788. In the process it has filled the upgap made on Feb 02. A sharp rise in COVID-19 cases globally and reports of lockdown seems to have eroded investors' risk appetite. Hardening bond yields, and rising inflation are also not helping matters. Although the indicators/oscillators are oversold, we are not sure as to whether a bounce will come from these levels or after falling to 13,966.