Nifty has formed a big Bearish Engulfing candle on Friday in the daily chart engulfing the last 6 candles, which makes it all the more effective. But, this candle has been formed at the Gap support.
My opinion is that even if the low of the bearish engulfing breaks, I would not short it as such gaps do work as support and I will not be comfortable shorting it when it is running into a support.
My view- Not creating any fresh positions in nifty as now.