Nifty View: The benchmark Nifty index loses more than 300 points in today's trade. With this fall, the index goes back to an underlying downtrend which increases the probability of further downsides. But considering the fact that the intraday charts are stretched on the downside, we should not discount a short-term bounce back before any kind of further weakness. In case we notice any such short term bounce back, it will be essential for the nifty to break above the immediate resistance zone of 17,450–70,550. Unless this hundred point range is taken out by the index, one should continue to stay bearish in the market and expect further selling. Strategically this is not the best time to go aggressively bullish, and so it will be prudent enough to stay on the sidelines or create bearish opportunities.
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