Short the Nifty 50 for a double bottom back to 7600 by sept
1. There's a clear bearish wedge that's formed in the past 3 months bear market rally.
2. The 10000-10500 zone is strong resistance
3. 61% fibonacci retracement is also going to provide resistance as bear market rallies shouldn't really violate this level
4. FIIs (foreign institutional investors) have been continuously selling into strength which does make for a very weak case for continued bullish moves
5. I am also bearish on the american markets, which could alone be a strong enough reason, above and beyond the aforementioned points.
2. The 10000-10500 zone is strong resistance
3. 61% fibonacci retracement is also going to provide resistance as bear market rallies shouldn't really violate this level
4. FIIs (foreign institutional investors) have been continuously selling into strength which does make for a very weak case for continued bullish moves
5. I am also bearish on the american markets, which could alone be a strong enough reason, above and beyond the aforementioned points.