The expectations of a big-bang upmove after a gap-down opening fell flat on its face. The markets have broken all key supports - however, we have seen this pattern in the past as well. The SL for the most aggressive long trade also gets triggered and the markets rise like a phoenix from thereon. If the markets can regain 48414/14469 today, then be rest assured that this pattern will continue.
Conservative traders can look at stock-specific opportunities or take long trades on the NIFTY with a tight SL and small targets.
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