Blind-bulls couldn't have had a better day than last Friday to fall flat on their faces! The Sensex opened with a huge gap-up, went as high as 40122 (2 points lower than the previous All-Time-High / 52 Week High) and then corrected all the way to sub 39400 levels, before finally closing at 39714.
With a Double-Top in place, the Election Euphoria over and not-so-good cues from across the world as well the domestic economy, the near-term trend is firmly downwards.
Yes, we could see brief periods of upswings, but nothing that will change the trend to positive.
We will see stock-specific opportunities, here and there, but the biggest opportunity would be in shorting the NIFTY and buying NIFTY puts for a near term target below 11000.