Today we have seen Italian bond yields has gone up sharply and this was the reason for most of the global markets turmoil, this down move or huge selling will bring Indian markets in its radar. Most of the negative news flows are from Europe, lower PMI, high Inflation, Greece to default, Unemployment a concern, Lower GDP, Unsuccessful bond auctions. These are all negative factors affecting our markets and also global economies, this will result in slowdown across globe. Traders must add short positions on nifty future and hold if for target of 4600 level in the short term to medium term. We are extremely bearish in short term due to fundamental factors, unless they change, our view on nifty will be to short sell on every bounce/pullback. However we are not sure about the downside at this point of time as it completely depends upon the global markets. Looking on the charts we see nifty has broken below its previous low of 4817, so even technical analysis is in favor of our trade setup.