All the indicators are shouting short, the market is oversold.
As per my analysis, NIFTY will touch 11366 retracement level and start falling from that level.
Who all are holding long, slowly exit your position within a day or two at max.
Who has no position at present slowly build short position (opportunistic buying)
and those who are holding short position hold for 2-3 more days, trust me you will be rewarded.
and those who think they are smarter than the market and thinking that when the market will start dropping then they will buy then you are wrong upcoming move will be such strong you won't get any time to enter and the market will sideline you.
Just for thought: When nifty was trading at 11750 in Aug the P/E was 28 and right now at 11340 P/E is at 27.7 this exactly what I am trying to refer that market is too expensive, even FIIs won't pump more money.
Trading recommendation: Tomorrow is the best day to bagged in some PUTs and enjoy the downward trend.