Am sure many of them have burned their pockets and profit today but i had been recommending to hedge positions since a bit long. Nifty has been near crucial level of 8350 below which 7600 gates opened. Banks and specially Mid-cap PSU banks were the most beaten. Overall markets seems to be gettting weak from inside which means bad days are ahead. CNX Pharam and CNX FMCG stocks were positive which clearly says that they are gonna be defensive bet. Nifty has closed below 100 Day avg which is at 8390 giving a threat to long traders. I would suggest to avoid any further longs and keep strict sl at 8350 for longs.
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