On Friday during the last half an hour you have seen steep downfall and the confidence of traders have reduced a lot. If you look at the range for the day, nifty has almost come down 100 points during this time. There is huge amount of shorts which are built up, you can expect a short covering rally. But this is an opportunity only to built more shorts.
The weakness is expected to continue. The important range which was broken (5630) will act as a major resistance. So if market moves up and you are holding shorts, do not worry. You can see longs only if market moves above 5630, which is very much unlikely to happy.
Do not short at the open, wait for market to consolidate a bit. You may see market move a little up around 5600 - 5630. This is the best place to short. Better to avoid taking any long position since the sentiment of the market is very weak.
The weakness is expected to continue. The important range which was broken (5630) will act as a major resistance. So if market moves up and you are holding shorts, do not worry. You can see longs only if market moves above 5630, which is very much unlikely to happy.
Do not short at the open, wait for market to consolidate a bit. You may see market move a little up around 5600 - 5630. This is the best place to short. Better to avoid taking any long position since the sentiment of the market is very weak.
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