As I reach Delhi, late evening at 10 PM, there seems to have been quite a decline in the Indian Markets today.
Tomorrow, surely, the fundamental analysts will give us any number of resons as to why the decline took place. As traders, we know that the Nifty is in a downtrend, that's why prices keep on falling.
After sharp declines,there are always relief rallies, which are probably usually worth trading for the day trader.
Will this market go down further? That is for the market to decide. Charts syggest a decline to 4800 at least, with 4200 - 4000 as a possible final target. As we know, charts can change so our view should be: markets are going down - where they will finally stop is anyone's guess.