Nifty has broken below the trendline which contained the upmove from March 2009 lows of 2800 levels.
Trendlines do work. Notice how a break above the channel in end March signalled the end of the downmove and the start of an upmove as indicated in the chart.
Nifty closing below 4950 is very bearish.
Trading Idea: Short the Nifty if it goes below 4950 and keep 4950 as the initial SL.SL can be trailed aftersome time depending on how the market moves.
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