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More down move expected in Nifty

Short
NSE:NIFTY   Nifty 50 Index
Price is moving in very wide downward sloping channel. Although price is extremely oversold in weekly chart, but it might test a very old support (marked as Target-2) before turning around. Till then keep shorting with strict stop loss or option hedge.
Trade closed: stop reached: price hit the stop and broke out of the channel