New lows possible. stay alert.

Nifty facing selling pressure at every bounce.
Buying support not visible at lower levels.
Global news and Fear of COVID-19 dragging markets lower.
Nifty failed to hold above 9500 and drifted lower even below 9000 levels.
Now it appears that wave 5 impulsive down wave dragging markets lower levels, 8600-8500 possible.  Unless nifty moves above 9100 level, this selling pressure likely to continue.
Avoid fresh long positions till the dust is settled.
Risk is high on both sides.
trade accordingly.
Regards,
Suryadev Bandari
Research Analyst

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