Markets have shown resilience in going down in last few trading days but the immediate downtrend remains intact, so going forward Nifty will remain under pressure and as we already have a good entry point in our Nifty Short position, we can wait and watch things panning out next few days.
Asia is trading with negative bias as markets like Nikkei 225 is down 0.5% and Hang Seng and Shanghai composite both are trading just in the negative territory.
The catastrophic fall is not coming as US markets are showing lot of strength on the charts that is keeping world markets to trade in subdued bias and not going down with deep cuts.
F&O data suggest that there is renewed put writing going on at 5200 and once below 5200 market can easily slip to levels of 5000 or below.
Market Strategy: Hold on to Short position and wait for the fall in market, if you want you can place a stop-loss near to entry point of Short position so atleast some amount of profits are made in this trade, else as charts are suggesting we might make a lot of money if deeper cuts on the Nifty appears.