The steep selldown on heavy volume yesterday dragged prices below its previous swing low of 1,505 as expected. This is bearish and we expect further selling to set in soon. Looking at the chart, the benchmark is now trapped in a short term downtrend channel. Another black candle today should push prices lower towards the 1,475 support trend line. A break below the channel support would suggest that this is likely more than a correction. We see any rebound as an opportunity to get out of the market.
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