The global meltdown forced the Nifty to close below its 50-DMA. However, traders need to wait before going short on the market. Last week, the Nifty touched a low of 4,359 but managed to bounce back. Hence, the possibility of a false breakout can not be ruled out this time also. Confirmation of a downside breakout would happen if the Nifty creates a lower low (below 4,359 on a closing basis).
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