As mentioned in https://front.page/nifty-50/9549640 post few days ago markets faced good resistance at 16700 levels. Since past 2 days we saw good consolidation. The eurozone inflation came in at 8.1 vs expected 7.8. Stagflation fears are grappling markets. Although markets are getting used to high inflation and has factored in all rate hikes. Still, any new bad news can force market on lower side. I am keeping cautious view on market.
Also, those who had invested while nifty was near 15600 might be having good profits specially in good quality midcap stocks. They can book some profit here.