Today Nifty NSE:NIFTY broke the crucial support at 10488 levels with a large candle.
It is possible that new shorts may have been initiated by big players on the break of this support (As the stop loss is very small giving a ratio).
This level can now act as a potential resistance if any short covering rally occurs.
Staying below 10488 can take Nifty back to 10120-10140 levels.
Disclaimer: Views expressed here are my own, and should not be interpreted as an Investment Advice. Please consult your Financial Advisor for investments.