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Nifty-Break of 10K:Expect gap down & Bearish to Sideways market

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NIFTY

As expected, Nifty has started to tumble down and broke the 10,000 support as markets globally have started to sell off. Nifty closed today at 9902 after a down-trending day. At the time of this writing, DJI, US30, SPY, SPX, NDAQ, USOIL etc. are having a big sell off happening and SGX-Nifty is at 9510. (Thus, NSE:Nifty has a high probability of a gap down opening tomorrow.)

Since this sell off is happening globally, i don't expect to start seeing good positive moves up in the short term. (Though possibility of dead-cat bounces do exist & i can always be wrong)
If you are currently long, i would recommend to get out at a suitable exit point as this sell off may also be start of a new fresh wave down which many of the traders would have been anticipating.

For the short term i am expecting bearish / side-ways market. It would be sensible to not long the current market for long time periods unless your risk appetite allows for the same.
On the contrary, this may be a good time to do a small, short swing trade.

Trade Safe!

Daily RSI
- 58 ( Neutral Zone )

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注释

Nifty had a good up-rally today which may be a result of short covering.
I am Still bearish since DOW, SPX, SPX are showing sell off and we may see a similar downside move in Nifty soon unless some good news hits the market or those markets start to move up again.