Nifty broke down below RED (trend decider line) line as well as broke down from side ways pattern which indicated more weakness to come as discussed yesterday. Also, I was anticipating nifty to touch YELLOW line (shown at 8352) but nifty closed just above it and today it opened gap down below the same level,showing more downside. As of now though nifty looks bearish.
I personally squared off all short positions in morning as I am not getting any clue whether this down trend to continue further or nifty will have any bounce back. So now I have decided to stay in cash waiting for further clear trend to form on chart.
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