Bear or Bull?

Worries about about high inflation is taking its toll on the market. Last few weeks inflation has been on the rise. Also the goverment is proposing to hike petrol prices by Rs 10 which is almost 20% hike. Now this will push up prices of almost everything in India as road transport is one of the most widely used mode of transport. This will squeeze the spending power of the consumers.
Looking at last few weeks data, market has a support at around 16500 and resistance at 17100 to 17300. As it is hitting the support level, there are high chances that market will rally a bit start of next week. Swing traders can make a killing here.