The Nifty takes a U-Turn.

Today On CNBC, I suggested that the correction has more downside and traders may look to go short below 4450 (rather with 4450 as resistance). I have recieved some comments on my suggestion to go short, as well as an enquiry on how I did trade with the up move.

First, I stay with my suggestion that a deeper correction is likely.

Second, I had a bearish view. Thus, a short position was justified when the Nifty faced initial resistance around 4450. The trade was quickly stopped out. Finally, our systems went long at 4495, then added positions at 4532. All in all, a neutral day. Here is a chart showing the bearish view.