Whatever happened since 1 pm is profit booking followed by panic among long positions held in cash. The standard candles were having so much less movement till 1 PM that the standard candles look like Heiken Ashi chart.
However, this move does not mean that we have entered a bear market. This is still a pull back and we are maintaining the bull run. In the near short term, the profit booking may intensify. If we suddenly slip below 39000 and banknifty spends some time there, then only you can expect shorts to enter the system.
Conviction bearish Bias neutral
Trade Setup
Long above 39000 (hold your longs if you are in a trade) Target 39500-39800 Short below 38900 Target 38500 and below... Technically you can sit n a short once banknifty starts trading below 39000
>>Option buying<< (take next week options)
Long Position: Buy 39500CE Short position: Buy 38500 PE
>>Option Selling <<
Sell 40000 CE with 30 point SL
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