Technical correction due in NIFTY. NIFTY to find support at10400-10540. Downside seen: 3-4%
Bank NIFTY max downside seen: 1-3%
NIFTY IT max downside seen 4-6%
NIFTY Metal max downside seen 5-8%
MID Cap max downside seen 8-11%
Small Cap max downside seen 9-13%
Confirmation move: All indices falling 1.5% intraday with some bad news or with good volumes along with Global Market. Better signal would be market opening lower by more than .5%.
It is advised not to panic and not to square off positions now, but it is best to avoid entering stocks that are over-bought.
Short term traders are advised to look for stocks to short instead of going long.