The week gone by was a well-deserved vindication of our bearish outlook on the markets.
However, the pain is not done yet - its too early to say if the fall from the highs of ~40000 will pause at ~36000/10600 or not.
But one this is clear - its a matter of time before 38250 (11302) is broken and the markets move towards 37644 (11123).
This bearish outlook will be negated only with a close above 38730 (11444) and then a short term target of 39036 (11534) will be activated.
Remain short on the NIFTY with a closing SL at 11444.