We had been bearish on the NIFTY since the fag-end of January series and all through the February series as well.
We rolled over the short positions to March as well.
Friday's market crash was long overdue and much anticipated in this column, though the actual date was off-mark.
While we continue to hold our short positions, we brought the NIFTY futures on Friday as a one-off swing long for Monday.
The short term view for the markets (NIFTY) remains bearish, however we will see wild swings on either side which will give equal opportunities to the Bulls as well as Bears.
Conservative traders can stick to stock-specific opportunities rather than taking a directional view on the NIFTY.
For the day, as long as 48813/14444 holds, we could see a pull-back till 50000/14800.