IIP data has been released today; we have been surprised by the data that was announced. We have seen contraction in industrial production for previous month. Market’s reaction was also in form of huge selling in stock like L&T, BHEL, SBIN, ICICI Bank, Reliance, Tata Steel, Tata Motors and many others, hence pulling nifty future to make new 52 week low. If we look at nifty future then there we have seen additions of short positions in open interest, making this fall a new opportunity to enter short in this market. So traders can keep going short on every pullback, for now we are opening short position around 4820 level, for positional target of 4650 level then 4600 level also placing stop loss orders above 4900 level. For intraday, traders can short sell nifty future near 4860 for intraday targets as 4825 and then 4805, intraday stop loss should be at 4875 level. We are extremely bearish on nifty future after the IIP data is released, however this can be the time to start adding stocks in small quantities to your long term portfolio. On charts, nifty future if forming series of lower top and lower bottom and most of technical indicators are pointing downward direction.