Breaching the level of 3370 for Nifty confirmed weakness in the market. If it fails to sustain above 3450 then Nifty may test 3200 once again. Level of 3620 proved to be major resistance for Nifty yesterday as suggested by us. If things don't go well new low may be tested as well. With a stop loss around 3380 Nifty shorts may be carried forward.

Breach of 2-days pullback rally indicates inherent weakness of indices. Nifty lost more than 5% while Midacp and Smallcap indices lost 4%.