Most of the markets are almost in the oversold zone now. But they can stay there for days together also. China also could resume its downtrend after weeks of sharp uptrend which attracted the attention of investors. But things seem to be much worse worldwide including China, of course!

A wave of uptrend is envisaged soon but of lesser length. So, some of the short positions could be squared off today even if the markets have to go further down. Some could start accumulating for long term while some can buy for a very short term wave up. But it is a market of "sell on rise". Initiate fresh shorts on rise this time again. Roughly the stoploss on SENSEX/NIFTY for short positions would be 9000/2800.

Detailed outlook would be published by Sunday evening on stocksweekly!