Bloodbath

Terrible day all around till the last minute. Almost all the sectors like reality, Banks, Metals, Autos all got a deeper cut of about 3 to 7% intraday and once the long standing support of 4920 broken, it was almost panic that prevailed everywhere. RBI's credit policy and SLR hike did the trick with global cues as well. (This is the reason i had avoided Nifty call on my last post)

My positional short call brought up a huge smile but intraday long call got hit with sl. Now markets are in full control of bears and traders can only go short on every raise. If 4808 will be a mild speed breaker for the Bears. If respected then we can opt for a mild bounce.

Remember once 4750 level if hammered then 5300 will be a dream atleast for few months. Just have a look at my weekly Nifty levels in previous post. The way sell off happened makes me to think about 4661 in this contract itself.

Anyhow for investors this will be a hibernate period only.