Nifty opened gap-down today continuing its yesterday’s sell-off and broke many crucial supports in process, indicating that the next move down, which began yesterday will be quite intense. After making an intra-day low of 4806, it recovered quite a lot and closed above 4900, giving some relief to the bulls.Experts reckon that the final hour bounce is just a dead cat bounce and should have been used as a selling opportunity.
Nifty is trading below its 50 DMA and the momentum indicators on the daily charts have also given a sell crossover. Hence, the short and medium term bias is down.
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